Central District Consumer Bankruptcy Attorney's Association

I've done two vehicle redemptions in the last two years, both with clients who had the cash to buy a grossly over-encumbered vehicle. They both went very smoothly, one by default and one by settlement with the lender at a slightly increased amount from the value we alleged in our Motion. If anyone wants to see a sample Motion, the case number is 2:09-bk-43320-ER.
Jim
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
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I would suggest contacting: 722REDEMPTION.com or MEMBER Tyson Takeuchi as to the pro's and con's of this as an option.
KEITH ALAN HIGGINBOTHAM
Pedro Mayser, Office Manager
THE LAW OFFICES OF KEITH ALAN HIGGINBOTHAM
255 S. Grand Avenue, Suite #2109
Los Angeles, CA 90012-3045
Phone: 213.620.0176
Facsimile: 213.613.1200
HigginbothamLaw@aol.com
To: cdcbaa@yahoogroups.com
Sent: Wed, May 26, 2010 9:37 am
Subject: Re: [cdcbaa] How often do you do redemptions on cars?
I've only done one redemption post BARF and it is for the reason you stated. Used to be able to use liquidation value on the vehicle, but now it's some hybrid of blue book private party value adjusted for other factors. Judge Robles wrote a detailed opinion on this. By the time you factor in the new payments on financing with the higher payoff amount under BARF, it rarely makes sense, unless the debtors can borrow the money from a relative or have the cash sitting around.
*************************
ark J. Markus
aw Office of Mark J. Markus
1684 Ventura Blvd. PMB #403
tudio City, CA 91604-2652
818)509-1173 (818)509-1460 (fax)
eb: http://www.bklaw.com/
his Firm is a Qualified Federal Debt Relief Agency (see what this means at
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I've only done one redemption post BARF and it is for the reason you
stated. Used to be able to use liquidation value on the vehicle, but
now it's some hybrid of blue book private party value adjusted for other
factors. Judge Robles wrote a detailed opinion on this. By the time
you factor in the new payments on financing with the higher payoff
amount under BARF, it rarely makes sense, unless the debtors can borrow
the money from a relative or have the cash sitting around.
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at http://bklaw.com/bankruptcy-blog/2008/0 ... efinition/)
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On 5/25/2010 11:53 PM, Holly Roark wrote:
>
>
> I finally have a case where it might make sense and the math might
> work out. Are redemptions a rarity any more after BAPCPA since we
> have to use the retail value now? How often do you do them as opposed
> to Reaffirmations and Surrenders?
>
> --
> Holly Roark
> holly@roarklawoffices.com
> www.roarklawoffices.com
> Central District of California
> Consumer Bankruptcy Attorney
>
>
>

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I finally have a case where it might make sense and the math might work
out. Are redemptions a rarity any more after BAPCPA since we have to use
the retail value now? How often do you do them as opposed to Reaffirmations
and Surrenders?
Holly Roark
holly@roarklawoffices.com
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
I finally have a case where it might make sense and the math might work out. Are redemptions a rarity any more after BAPCPA since we have to use the retail value now? How often do you do them as opposed to Reaffirmations and Surrenders?
-- Holly Roarkholly@roarklawoffices.comwww.roarklawoffices.comCentral District of CaliforniaConsumer Bankruptcy Attorney

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