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ch 7 so many car offers

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    #1

    ch 7 so many car offers

    I received a letter saying they would fly us to Denver for a weekend stay at a hotel, airfare included, if I bought a car from them and drove it home.

    I'm not interested in that, well I am, but I know its too good to be true. I received another letter saying that according to federal bankruptcy laws I can keep my car and pay only the fair market value, not what I owe. Is that true? Can anyone point to a part of the bk laws where that says that? The car is what finally pushed us over the edge.
    Thanks,
    Lou..
    Filed 09/08/10, $26k unsecured. Plan submitted 09/16/10, $250/mo X 36 Months = $9,000.
    First Payment: 09/28/10 341 Hearing: 10/12/10, Confirmation: 10/28/10
    2nd debtor education course taken: 02/05/13. DISCHARGE: 10/10/2013.
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    #2
    Regarding the far market value issue, that is only true if you file a chapter 13 bankruptcy.

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      #3
      Originally posted by teddybeardj
      I can keep my car and pay only the fair market value, not what I owe.
      If I understand what you've typed correctly, that's called doing a "Redemption"
      The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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        #4
        I got the same thing from a dealership in Aurora, CO. They would fly me out, so i could drive the car home...and include tix to go to a theme park. Of course i was tempted. Out of curiosity i called the number, and it directed me to call a number that was clearly international. Anyways i didn't do it, but yes the offers are tempting

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