722 Vehicle Redemption | Miller & Miller Law, LLC | Wisconsin

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Toll-free 866-906-5634  Milwaukee  414-250-7880     Madison  608-465-4594     Green Bay 920-626-3125

Our 3 Step Process

Step 1:
Get Out Of Debt

Step 2:
Clean Up Your Credit

Step 3:
Build Your Score

Home 9 Programs 9 722 Vehicle Redemption

Our 3 Step Process

Step 1:
Get Out Of Debt

Step 2:
Clean Up Your Credit

Step 3:
Build Your Score

Home 9 Programs 9 722 Vehicle Redemption

What Are Your Options In Bankruptcy With Respect To Your Vehicle?

722-REDEMPTION

When you file bankruptcy, you have THREE options.

  1. Reaffirmation Agreement
    When you reaffirm a debt, you agree that you will still owe the debt after your bankruptcy case is over. This results in you staying with your current lender.

    If you owe $25,000 on your car before you file for Chapter 7 bankruptcy, you most likely will continue to owe $25,000 on your car after you file for bankruptcy.

  2. Redeem Your Vehicle
    In a Chapter 7 bankruptcy, you can keep your vehicle and pay only what it is worth, NOT what you owe. All the negative equity would be discharged within the bankruptcy.

    For example:
    Say you have a 2015 Chevrolet Malibu LS with 26,850 miles. First, we need to find out the value of the vehicle. Let’s say it is valued at $11,700. This is the amount of money your current lender would receive if you were to redeem your vehicle. As you can see below, there can be a savings if you are upside down in your auto loan (paying more than what it’s worth).

    CURRENT LOAN
    $489.00/month at 64 months = $31,296.00
    REDEMPTION LOAN
    $359.53/month at 60 months = $21.571.80

    TOTAL SAVINGS
    $9,724.20

  3. Replace Your Vehicle
    In Chapter 7 or 13, you are able to replace your vehicle. If this is done during an active bankruptcy, you will be able to get another car before surrendering your current one.

    This is ideal for someone with high mileage, constant engine trouble, or simply…when a redemption and reaffirmation just doesn’t work!

Call our Foreclosure Lawyer from Wisconsin Now!

Nobody likes dealing with the thought of foreclosure. Just the mere idea of losing a home you’ve worked so hard to built is hard on anyone. This is why when you are facing foreclosure, get help from a seasoned foreclosure lawyer from Wisconsin.

A lawyer from Miller & Miller, LLC can walk you through the foreclosure process, help direct you to the right path for stopping foreclosure, and formulate strong defenses to help you obtain the best outcome possible.

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