722 redemption loan?

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I am about to declare bankruptcy and I have a 2001 Nissan Frontier that I owe 9500 on and it is worth about 5500. The attorney in my consultation said I could declare bankruptcy and all I would have to do is pay the actual cash value of the vehicle to make it mine. He said I could get a redemption loan from a company he deals with that specializes in these loans. I wanted to ask if anyone has ever done something like this and also what intrest rate did you get?

Also wanted to ask. My dad has one of my federal student loans in his name. He just declared bankruptcy. Now he is disabled and my attorney said he should of been able to erase that debt because he is disabled. Is this true? He said my dads bankruptcy attorney just missed this.

722 redemption loan?

As for the 722 redeption loan. You're interest rate is going to be very high. And you might not be able to pay just the value. There is a bankrupcty code that states if the vehicle was purchased within 910 days of the bankruptcy filing, then you are going to have to pay the entire loan balance off. So it all depends on your contract date.

As for the federal student loan. Doubtful that they can erase that. There are certain things that the bankrupcty will not get rid of...Taxes, Child or Spousal Support and student loans.

I hope this helps.

722 redemption loan?

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