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722 Redemption of Car, Auto Loan less than 2 years

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    722 Redemption of Car, Auto Loan less than 2 years

    Question for someone who has been down this road:

    I live in TX (don't know if that matters), and I'm going down the CH 7 route now. My car is $32k underwater and I would like to redeem it for market value. The car loan is just under 2 years fresh (never missed a payment). I know in a CH 13 this would disqualify it for a "cram down", but does that apply to a redemption in CH 7?

    Thanks in advance.

    #2
    I have no information for you but I have to ask what kind of car you drive that is 32k underwater?
    -Filed Ch7 pro se 04/14/2010
    -341 Meeting is 05/24/2010 (went uneventfully well)
    -Report of No Distribution 6/4/2010
    -Discharge 7/28/2010

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      #3
      Maybe I shouldn't have opened up this can of worms ;)

      A high-end luxury automobile with about $20k of neg equity rolled into it from another high-end luxury automobile. The irony is the current loan is at .99%.

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