722 redemption -- can I borrow from family?

[marinah]

Hi everyone,

I recently posted that we had been approved for a 722 redemption loan on our only car. Well, they ended up rejecting us because we don't make enough money (isn't that why we filed Ch. 7 in the first place?!??)

Anyway, we can't stand the thought of keeping our current loan payment when we are $5,500 underwater on this stupid car. We need the car, it's a minivan and we have 3 kids, and it's our only vehicle at the moment. But, it's a Kia, so it's not worth much.

Our hope is to redeem the car by riding through the bk and keep paying, then after the bk is discharged, stop paying and see if the bank will take market value (lump sum) instead of repossessing the car.

Does this make sense? Has anyone done this? Or should we talk to the court and ask if they will cram down the loan? (We filed pro se.) I'm just not sure what the proper course of action is at this point.

Also, if we do need to pay the lender a lump sum, can we get a gift from family to pay for it, or would the court have a problem with that?

[OhioFiler]

If you're $6,000 upside down on a Kia mini-van you should do a ride-through and then find another car.

[marinah]

I like it...

...do you mean I don't HAVE to drive a silky beige Kia minivan anymore, after my discharge? I can get rid of that awful thing??? The bank can HAVE IT!!

Then all this financial misery has been worth it, just for that fact alone. ;)

That sounds like a good idea, OhioFiler. Simple, and gets us out of ALL our bad debt. Thank you!

[StartingOver08]

With an added bonus of not involving family funds....good luck!