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Form #1608

Chapter 7 Bankruptcy Motion for Redemption

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Chapter 7 Bankruptcy -Motion for Redemption of Vehicle

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Attorney Name or Debtor Pro Se

Address

Telephone

 

 

Attorney for Debtors:

Debtor Name

 

 

UNITED STATES BANKRUPTCY COURT

CENTRAL DISTRICT OF CALIFORNIA

LOS ANGELES DIVISION

 

In re:

DEBTOR NAME

 

                        Debtor(s).                                   

DEBTOR NAME

 

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Case No.:

 

MOTION FOR REDEMPTION UNDER 11 U.S.C. 722

 

DATE:

TIME:

CTRM:

 

                MOTION FOR REDEMPTION UNDER 11 U.S.C. 722

 

            NOW COMES Debtor, by and through (NAME OF ATTORNEY OR FIRM)., and moves this Honorable Court pursuant to 11 U.S.C. 722 and Bankruptcy Rule 6008 for a Redemption Order and states in support thereof:

I. PROCEDURAL REQUIREMENTS UNDER 11 U.SC. §722

 

            Pursuant to 11 U.S.C. §722, a debtor may, “.. redeem tangible personal property intended primarily for personal, family, or household use, from a lien securing a dischargeable consumer

debt, if such property is exempted under section 522 of the title or has been abandoned under section 554 of the title” 11 U.S.C. §722.

            The item to be redeemed is tangible personal property intended primarily for personal, family or household use, and is more particularly described as (YEAR, MAKE AND MODEL OF VEHICLE, AND VIN#)

            The interest of the Debtor(s) in such property is exempt or has been abandoned by the estate and the debt which is secured by said property to the extent of the allowed secured claim of the Creditor is a dischargeable consumer debt.

            Here, Debtor has elected to exempt the vehicle as set for under 11 U.S.C. §522. A copy of the Debtor’s Schedule C is attached to the motion as Exhibit “A”.

II.  VALUATION STANDARD FOR REDEMPTION

            11 U.S.C. §722 allows a debtor to redeem personal property by paying the holder of a secured lien the amount of the “allowed secured claim” in one lump sum.  Under section 11 U.S.C. §506(a) of the Bankruptcy Code , Congress has set the valuation standard for the redemption of a vehicle as equal to the “price a retail merchant would charge for property of that kind considering the age and condition of the property at the time value is determined”.

III.  PRICE A RETAIL MERCHANT WOULD CHARGE

            To determine the value of a vehicle for purposes of redemption, Courts routinely use industry guides as appropriate evidence of valuation. In re Thayer, 98 B.R. 748 (BK W.D.V.A. 1989). As evidence of the value of the vehicle, (NAME OF LAW FIRM) offers an online printout of a (YEAR, MAKE AND MODEL OF VEHICLE) retail value as best evidence of the redemption value of the vehicle (See Exhibit “B”, attached to motion). Additionally, (NAME OF ATTORNEY OR LAW FIRM), offers an online printout of NADA Guide Pricing (See Exhibit

“C”) for (YEAR, MAKE AND MODEL OF VEHICLE). Both forms of evidence are admissible as “market quotations, tabulations, lists, directories, or other published compilations, generally used and relied upon by the public or by persons in particular occupations.”  Fed. R. Evid. 803(17). Based on the evidence presented to the court the  "redemption value", should be determined to be no more than (DETERMINED VALUE) as evidenced by an online printout of Kelley Blue Book, attached as Exhibit “B”, and incorporated as is fully stated herein.

            Arrangements have been made by the Debtor(s) to pay (NAME OF FINANCING COMPANY) up to the aforesaid amount in a lump sum should this order of redemption be entered.

            The (YEAR, MAKE, & MODEL OF VEHICLE) inconsequential value or benefit to the estate.

            WHEREFORE Debtor(s) prays this Honorable Court enter an order:

A.         Requiring (NAME OF FINANCING COMPANY). to accept from Debtor(s) the lump sum payment of (DETERMINED VALUE) the redemption value, and;

B.         Requiring (NAME OF FINANCING COMPANY) to release its lien of record against the (YEAR, MAKE, MODEL & VIN# OF VEHICLE)

C.         Allowing Debtor to redeem the subject property by paying to the creditor the redemption amount on or before the 20th day following entry of the order.

 

Respectfully Submitted,

 

/s/ ___________________

Name of Attorney

Address

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROOF OF SERVICE

 

 

State of California                            )

                                                                ) ss.

County of Los Angeles                   )

 

 

                I am employed in the County of Los Angeles, State of California. I am over the age of 18 and not a party to the within action.  My business address is ___________________________________________

          On                   I served the foregoing document described as MOTION FOR REDEMPTION                                         

SEE ATTACHED

 

[x]          by placing [ ] the original [x] a true copy thereof enclosed in a sealed envelope addressed  to each addressee as stated on the attached service list Executed on at ______________________________

 

[x]          (State)  I declare under penalty of perjury under the laws of the State of California that the above is true and correct.

 

[x]          (Federal) I declare that I am employed in the office of a member of the bar of this court at whose direction the service was made.

 

 

 

Name of Declarant                                                                                                                          __________________         

Type or Print Name                                                                                         Signature

 

 

 

 

 

 

 

 

 

 

 

Service List

 

United States Trustee

Address

 

Debtor
Name

Address


Trustee
Name

Address

Registered Agent of Finance Company

Name

Address

 

Creditor: Finance Company Name

Address

 

Attorney Advertising
Southern California Law Advocates is only advertising in states where they are admitted to practice
Contributed by
Norma Duenas
 
Name of Firm Southern California Law Advocates
Profession (lawyer symbol)   Lawyer
Number of lawyers in firm 2
Branch of Law Bankruptcy, Immigration & Visa, Contract,
Principal Office Address 27715 Jefferson Ave. Ste. 113 Temecula, CA 92590
Practicing law since 1/1/2008
Education / Certifications University of San Diego-School of Law, Law Degree Cum Laude
Total Forms Contributed 1
Phone 866-337-7220
Website http://www.socaladvocates.com
Email
 

See All Norma Duenas's Forms
 

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Chapter 7 Individual Debtor's Statement of Intention
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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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If you found this form useful, you might consider using Norma Duenas's professional services. Norma Duenas can be reached at 866-337-7220, emailed at , or visit his website at http://www.socaladvocates.com.



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Keywords: bankruptcy, redemption, bankruptcy petition, bankrutpcy forms, chapter 7

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