Many times consumers are overwhelmed with car loans in which they owe more than the actual value of the car. One benefit of a chapter 7 bankruptcy is Section 722 of the United States Bankruptcy Code which offers consumers an appealing option to handle this type of situation. Consumers can redeem the vehicle by paying the lender the value of the vehicle rather than the amount of the loan and allowing the chapter 7 bankruptcy to discharge the original loan. The problem many consumers have with this option is that the payment to the original lender must be made in one lump sum.
The lump sum payment requirement can be burdensome for an individual filing a bankruptcy. Many individuals have difficulty finding a creditor that is willing to lend them the necessary funds to pay the original lender while they are in the middle of a chapter 7 bankruptcy case. 722 Redemption provides a distinct alternative to alleviate this dilemma. 722 Redemption is an organization that offers loans for the purpose of refinancing vehicles specifically for people who are involved in the bankruptcy process. This company will verify the value of the vehicle and determine if the debtor is qualified for a loan. In the event that the debtor does indeed qualify for a loan, 722 Redemption will refinance the automobile for the determined value and pay the original lender the lump sum payment requirement.
Once the redemption process has been approved by the bankruptcy court, the original lender does not have the ability to deny the payoff. This program is especially beneficial with credit unions. Credit unions often cross-collateralize debt on any assets that a consumer has with the credit union. Credit unions very commonly refuse to release the title to an automobile once it is paid off if the consumer has any other type of debt with the credit union discharged in a chapter 7 bankruptcy. This can include but is not limited to credit cards, lines of credit, and vehicle deficiencies, leaving the consumer in a complicated position. With 722 Redemption, this dilemma is resolved because there is a court order which prevents the original creditor from having any future interest in the automobile.
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