TOugh Time After 341 Meeting...

[Mysocalledlyf]

OKay so my 341 meeting was on Nov 1. Very Very stressful day, I thought it was going to be easy, no assets, barely enough income, etc. My meeting was at 2pm, I wasn't seen until 3:15. And I had gotten there at 12:30. So I sat in on almost 3 hours worth of cases, and the trustee was very tough! I think he post-poned majority of the cases because of lack of preparedness...no titles to cars, homes, lien-holder information, and they were being grilled very hard by the US Attorney of trustee, I think is what their called. A couple of people were questioned on their schedule figures and possible causes of committing fraud. The trustee kept warning everyone that even after the meeting today, it was not over and they are still going to be invesitagated, for possible concealment of assets, and their case could be dismissed anytime. Very Long Day!

SO my problems started happening after my attorney told me, (right after the meeting), that my car financer, GMAC had filed a relief from stay scheduled for next week. This is so awful, I knew it was coming, but I didnt know so soon! So I had to rush to the car dealorship I had been talking to to try to get into another car within a week! Guess what?! They were able to finance me for a 10,000 car at 16%, which I know is bad, but hey I need something, and it's a 2001, pretty good shape. And as soon as it's paid off, Im thinking my credit will hopefully be good again! BUT, I am so scared of getting into a used car...I dont want it breaking down on me, I dont have money to fix large problems with a used car! SO, talking to my attorney, I have decided to try to keep my car, and negotiate with GMAC with a 722 redemption. Even though Im going on 4 months behind, the people with redemption told me they could get my car financed for me again at the KBB value, which is less than what GMAC thinks it is...N.A.D.A price. Not only will this make my payment on my car cheaper, but I can keep my car...Does anyone know if a redemption has worked for them, or did the whole process go smoothly?! I just dont know if I made a mistake by turning down that other car offer. But I was told the GMAC would have to accept the redemption offer, and it was up to them to decide if they would get more money by taking it and selling it.(Which they will not!) They think its worth 9900, but the KBB, with mileage, is at just 4000. Im so stressed out b/c Im a week away from their motion to do a relief from stay and leave me without transportation. Can anyone tell me, if they've had sucess with this or what the downsides are?

[AAAArt]

Do a search under "722 redemption" or look up StaciM's (I think that's her user name...just not sure of the last initial, but she's on here a lot. Very helpful person). She did a 722 and told about it and has answered several people's questions.
Good luck
1

[quest42]

www.722redemption.com ???

Read this one...

http://www.bankruptcyforum.com/showthread.php?t=4176&highlight=722redemption

[bkfiler]

holy smokes!!!

what trusttee was this and what state?

sounds like he was harrassing everyone withotu cause and should be investigated himself instead.

what kinds of qeustions was he asking about the expenses and such? great to learn what they think about

[FoolAndHisMoney]

I imagine that all debtors are pretty much invesitagated anyway to see if they are hiding or transfered any assets, but this guy announce it with a bad attitude to pretty much scare everyone.

[StaciMM]

Hi all!

I did work with 722 redemption.com, but to get a replacement vehicle rather than keep what I had. There can be some haggling with the lender over what the value is, but your attorney should have an idea of what is typical in your state. (Some districts go by NADA, some go by KBB, some may be in the middle.)

It wouldn't really matter that you're behind, as the idea behind redemption is for you to pay what the lender would get for it in the end anyhow-so you don't have to first catch up on it.

Keep us posted!

[Mysocalledlyf]

holy smokes!!!

what trusttee was this and what state?

sounds like he was harrassing everyone withotu cause and should be investigated himself instead.

what kinds of qeustions was he asking about the expenses and such? great to learn what they think about

Im in Richmond,VA. Yeah he was very tough. Him and the Attorney of Trustee were asking people where did they come up with their figures, and how they arrived at that amount. And the trustee told someone that her expenses were a little extreme, and that caused him to think there was possible fraud. He was very particular about you accounting for every expense and not blowing the amount out of proportion. Luckily I was one of the few, that he just went thru the simple questions, do I understand everything, is everything correct, etc. Then he did ask me if I was going to surrender my vehicle, and I said I haven't decided yet. And he left it at that and told me "okay, thanks". OH Yeah, my car financer GMAC filed a petition to appear at the meeting, but they didn't show up. Im guessing b/c they filed a motion to come and get my car next week

OKay so my 722 redemption is under way, I just hope it goes okay with GMAC. It just seems a little too good to be true, you know? I get to keep my vehicle and get rid of the balloon payment I would have had if I traded it in. My car isnt bad, it has good mileage, and its never broken down on me, and Ive been the only owner, so this is what I wanted b/c I trust the car...Getting into a used car scared me to death! They gave me the option of doing a replacement, but I was a little iffy about that too. Push came to shove, yes I would taken it or anything with wheels for that matter, but Im kind of happy they offer this solution.