car payment/redemption

[fyi2]

I am planning on a 722 redemption loan although I have not applied yet

I just filed and my 341 isn't until the week of 07/13/09- i am not sure when to expect that process to start but i thought i would give it until the 341 then ask my attorney

I just made my auto payment for june
I know they know about the BK because when i went online a couple days after payment to make sure it was applied- i was denied access

anyway my question is- during the automatic stay do i make payments?

I know if you are reaffirming you do but what about redemption?

i have to have a vehicle but at 15000 upside down (thats a whole other post) I am not reafirming.. but i would like to redeem and bring it closer to value if possible with a 722.. otherwise i will let it go

can i stop payments until the decision is made or will it hurt the process?

anyone with 722 experience ....

[hamburgervol]

From what I've been told, they can repo the car if you don't make your payments. I'm in the same boat as you and plan to ride through, then at the end of BK surrender or redeem my car. I applied with 722 but was denied. I will more than likely surrender at the end.

My vehicle is worth about $11,000---owe $20,000.

[fyi2]

Denied!

I thought they were practically given away... with the BK process.. and their reward of the high interest rate

good to know thanks

[chad9162]

We qualified for 722 but our payments jumped $250. They were actually nice and said the court would never allow it.

I haven't paid on my car since we filed because I didn't want to waste the money if my CU didn't reaffirm. They have now agreed to reaffirm and will cured the delinquencies. Most banks won't repo during the BK process because they have to get a lift of stay and that cost money. Unless your car is worth something they're not going to take action until you discharge

[RackingJ]

We were approved through 722 but can't do anything until we file on the 6th. So I don't know what kind of cars are available, how much they are, or my interest rate. All I know is I pre-qualifed for $350/mo which is about half what I was paying on my SUV, so even if I go with them and refinance in a year or so it'll be much better than before.

My SUV is coming up on 2 missed payments so I don't know if they'll try to repo before I file or not. Haven't answered when they called. LOL.