Changing an SOI after 341

[Crawley]

Tried to go through 722 Redemption Financing (US Bank) and redeem my current vehicle that I'm upside down in by about 6k. Financing didn't could through like I thought it would. No big deal. Will wait until discharge and find a new vehicle. The problem lies in my original SOI. I listed the vehicle value as exempt and stated on my SOI that I intended to redeem the vehicle and would not be surrendering it. I don't have the cash to redeem it and it's not in my best interest to reaffirm. What do I need to tell the courts, if anything?

[justbroke]

Your intention was to redeem. The financing fell through. You will not be redeeming. If you were changing your mind from surrender to redeem (or reaffirm), you would definitely need to amend and take action. However, you are going to surrender by default (because you did not conclude the redemption portion within the time required).

If you want to be nice, you could contact the creditor and could let them know that you will not be redeeming or reaffirming the vehicle. Otherwise, you could wait until they contact you.

It's a good question. I know what I would do, but I don't know specifically if you need to do anything in this particular case given that you would allow the stay to expire and for the creditor to take the vehicle.