Redemption under 722 post discharge
Posted: Fri Jun 13, 2014 9:49 am
I am not an expert on this topic by any means but assuming the property was
abandoned by the estate, you can have your client pay the everything he
owes on the car without opening the case or filing any motion. 722 was
added as extra protection for creditors against debtors who wanted to only
pay fair market value.
Sincerely,
Michael Avanesian
On Mon, Jun 9, 2014 at 4:49 PM, Gaurav Datta gdatta@gmail.com [cdcbaa] wrote:
>
>
> Hi all,
>
> I have a debtor that wanted to reaffirm his vehicle during his bankruptcy
> (no reaffirmation was ever signed), but now wants to redeem the vehicle
> (against my advice since the vehicle just isn't worth it in my opinion)
> rather than paying in installments.
>
> Is it possible to re-open a case to redeem? I've re-opened cases to file
> lien strips with success in the past but I know that re-opening for
> reaffirmations will not work. How do the judges treat re-opening for a
> redemption?
>
>
> --
>
>
>
>
> *Gaurav Datta, Esq.,LL.M4401 Atlantic Ave, Ste 225Long Beach, CA
> 90807Phone: 562-984-2074 Fax: 562-984-2081 *
>
>
>
I am not an expert on this topic by any means but assuming the property was abandoned by the estate, you can have your client pay the everything he owes on the car without opening the case or filing any motion. 722 was added as extra protection for creditors against debtors who wanted to only pay fair market value.
Sincerely, Michael AvanesianOn Mon, Jun 9, 2014 at 4:49 PM, Gaurav Datta gdatta@gmail.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
Hi all,I have a debtor that wanted to reaffirm his vehicle during his bankruptcy (no reaffirmation was ever signed), but now wants to redeem the vehicle (against my advice since the vehicle just isn't worth it in my opinion) rather than paying in installments.
Is it possible to re-open a case to redeem? I've re-opened cases to file lien strips with success in the past but I know that re-opening for reaffirmations will not work. How do the judges treat re-opening for a redemption?
-- Gaurav Datta, Esq.,LL.M4401 Atlantic Ave, Ste 225Long Beach, CA 90807Phone: 562-984-2074Fax: 562-984-2081
The post was migrated from Yahoo.