HOW DO I FILE A MOTION TO REDEEM PERSONAL PROPERTY?

Transcription

1 HOW DO I FILE A MOTION TO REDEEM PERSONAL PROPERTY?

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6 Sample MOTION TO REDEEM 7

7 3 4 (Yur Name) (Yur Address) (Yur City, State, Zip) (Yur Phne Number) Self-Represented Debtr UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF CALIFORNIA (NAME OF DIVISION) DIVISION In re: Case N.: (Yur Case Number) Chapter: 7 (YOUR NAME), Debtr. MOTION TO REDEEM PROPERTY OF THE ESTATE UNDER U.S.C Mvant (Yur Name) hereby mves this Curt fr an Order allwing t redeem persnal prperty pursuant t U.S.C. 7 and Bankruptcy Rule I. PROCEDURAL REQUIREMENTS UNDER U.S.C. 7. Pursuant t U.S.C. 7, a debtr may redeem tangible persnal prperty intended primarily fr persnal, family, r husehld use, frm a lien securing a dischargeable cnsumer debt, if such prperty is exempted under sectin 5 f the title r has been abandned under sectin 554 f the title. U.S.C. 7.. The persnal prperty that Mvant seeks t redeem is a vehicle that is mre particularly described as fllws: a. Year: (Vehicle Year)

8 b. Make: (Vehicle Make) c. Mdel: (Vehicle Mdel) d. VIN: (Vehicle VIN) 3. Mvant s (Year, Make & Mdel f Vehicle) ( Vehicle ) may be redeemed under U.S.C. 7 because it is tangible persnal prperty intended primarily fr persnal, family r husehld use. 4. As f (Date f Bankruptcy Case Filing), the Vehicle is subject t a single lien frm (Name f Original Lender) ( Respndent ) fr (Balance f Original Lan). 5. Mvant s interest in the Vehicle is exempt r has been abandned by the estate. 6. Mvant scheduled the Vehicle as an asset and exempted the Vehicle pursuant t U.S.C II. VALUATION STANDARD Pursuant t U.S.C. 7, a debtr may redeem persnal prperty secured by a lien by paying such lienhlder the amunt f the allwed secured claim in a lump sum.. U.S.C. 506(a)() defines the secured claim as the price a retail merchant wuld charge fr prperty f that kind cnsidering the age and cnditin f the prperty at the time value is determined. IV. DETERMINING RETAIL VALUE. Curts have relied upn industry guides such as Kelley Blue Bk and Edmunds as the apprpriate starting pint in determining retail value. In re Mrales, 387 B.R. 36, 46 (Bankr. C.D. Cal. 008); see als In re Arauj, 464 An allwed secured claim is a secured claim t the extent f the value f such creditr s interest in the estate s interest in such prperty. U.S.C. 506(a)().

9 B.R. 5 (Bankr. N.D. Cal. 0).. The Edmunds.cm website prvides retail valuatins fr used vehicles based n year, make, mdel, mileage, ptins and cnditin. Such valuatins are admissible as market qutatins, tabulatins, lists, directries, r ther published cmpilatins, generally used and relied upn by the public r by persns in particular ccupatins." Fed. R. Evid. 803(7). 3. As detailed in the attached declaratin, Mvant determined the retail value fr the Vehicle frm Edmunds.cm ( Edmunds Valuatin ) based n its year, make, mdel, mileage, ptins and cnditin. The Edmunds Valuatin is (Edmunds Retail Value). 4. Based n the freging, Mvant asserts that the retail value f the Vehicle fr redemptin purpses ( Redemptin Value ) is (Edmunds Retail Value). 3 4 V. PROPOSED FINANCING Mvant intends t finance this prpsed redemptin thrugh (Name f Redemptin Lender) ( Redemptin Lender ), which prvides financing fr Chapter 7 debtrs seeking t redeem their vehicles. Redemptin Lender has apprved Mvant fr financing up t (Redemptin Lan Amunt).. The prpsed financing agreement has been apprved by the Redemptin Lender and the terms are set frth belw: a. A lan amunt f (Redemptin Lan Amunt); b. An interest rate f (Redemptin Interest Rate); c. A finance charge f (Redemptin Finance Charge); d. Mnthly payments f (Redemptin Mnthly Payment); fr (Redemptin Number f Payments) mnths. 7 8 VI. CONCLUSION

10 WHEREFORE, Mvant requests that the Curt enter an Order:. Granting this Mtin; and. Setting the Redemptin Value at (Edmunds Retail Value) 3. Allwing Mvant t cause the Redemptin Value f (Edmunds Retail Value) t be paid t Respndent within 30 days f entry f the Order; and 4. Requiring Respndent t release its lien f recrd and surrender title accrding t Mvant s instructins within 4 days f receiving the Redemptin Value. (Date) (Yur Signature) Date (Yur Name)

11 DECLARATION OF (YOUR NAME) I, (Yur Name), declare as fllws:. I am the debtr in the instant bankruptcy case.. I make this declaratin f my wn persnal knwledge, and if called as a witness, culd and wuld testify theret. 3. I am the wner f the (Year/Make/Mdel f Vehicle) ( Vehicle ) that is the subject f this Mtin. 4. I scheduled the Vehicle as an asset and exempted the Vehicle pursuant t U.S.C. 5. (True and crrect cpies f schedules A/B and C are attached as Exhibit. ) 5. As f (Date f Bankruptcy Case Filing), the Vehicle is subject t a single lien frm (Name f Original Lender) ( Respndent ) fr (Balance f Original Lan). 6. On (Date Yu Obtained Edmunds.cm Valuatin), I btained the retail value f the Vehicle frm the Edmunds.cm website ( Edmunds Valuatin ), taking int accunt the Vehicle s year, make, mdel, mileage, ptins and cnditin. 7. As part f the valuatin, Edmunds.cm website instructs users t select frm amng the fllwing vehicle cnditins: a. Outstanding: Exceptinal mechanical, exterir and interir cnditin; requires n recnditining. Vehicle is in exceptinal mechanical, exterir and interir cnditin with n visible wear; it requires n recnditining. Paint will have a glssy appearance. Vehicle has n mechanical and/r csmetic prblems and has a clean engine cmpartment. Exterir and interir are free f any damage. Tires are in nearly new cnditin. Vehicle has a clean title and has the ability t pass an emissins inspectin. See True-Market-Value-Pricing-

12 b. Clean: Sme nrmal wear but n majr mechanical r csmetic prblems; may require limited recnditining. Vehicle shws sme nrmal wear but has n majr mechanical and/r csmetic prblems. Paint still has a glssy finish and may have slight scratches r dings. Sme recnditining may be needed. Interir will have minimal fading and wear. Tires have substantial tread remaining. Vehicle has a clean title and has the ability t pass an emissins inspectin. c. Average: May have a few mechanical and/r csmetic prblems and may require a cnsiderable amunt f recnditining. Vehicle may have a few mechanical and/r csmetic prblems and may require a cnsiderable amunt f recnditining. Exterir paint has sme dullness. Vehicle may have a cnsiderable amunt f scratches r dings. Interir material is slightly wrn and faded. Tires have sme usable tread remaining. Vehicle has a clean title and has the ability t pass an emissins inspectin. d. Rugh: Several mechanical and/r csmetic prblems requiring significant repairs. Vehicle has several mechanical and/r csmetic prblems. Exterir and interir need significant repairs. Tires may need t be replaced. Vehicle may need minr repairs t pass an emissins inspectin, but has a clean title. 8. Based n the descriptins abve, I selected (Select One: Outstanding, Clean, Average, Rugh Retail Value) as the Vehicle s cnditin fr the fllwing reasns: a. (List Specifics f Yur Vehicle s Cnditin) 9. Factring in all f the abve, the Edmunds Valuatin is (Edmunds Retail Value). (A true and crrect cpy f the Edmunds Valuatin is attached as Exhibit. ) 0. I believe the Edmunds Valuatin f (Edmunds Retail Value) is als the

13 apprpriate value f the car fr redemptin purpses ( Redemptin Value ).. I have btained financing fr this prpsed redemptin frm (Name f Redemptin Lender) fr up t (Redemptin Lan Amunt). (A true and crrect cpy f the prpsed financing agreement is attached as Exhibit 3. ) I declare under penalty f perjury under the laws f the United States that the freging is true and crrect. (Date) (Yur Signature) Date (Yur Name)

14 PROOF OF SERVICE OF DOCUMENT I am ver the age f 8 and nt a party t this bankruptcy case r adversary prceeding. My business address is: If yu are the debtr r jint debtr, yu CANNOT cmplete this sectin. SOMEONE ELSE must fill ut this Prf f Service. It can be anyne ver 8 wh is nt part f this case. That persn must list his r her address here. A true and crrect cpy f the freging dcument entitled: Mtin t Redeem Prperty f the Estate Under U.S.C. 7 will be served r was served (a) n the judge in chambers in the frm and manner required by LBR 5005-(d); and (b) in the manner stated belw:. TO BE SERVED BY THE COURT VIA NOTICE OF ELECTRONIC FILING (NEF): Pursuant t cntrlling General Orders and LBR, the freging dcument will be served by the curt via NEF and hyperlink t the dcument. On (date) (leave blank), I checked the CM/ECF dcket fr this bankruptcy case r adversary prceeding and determined that the fllwing persns are n the Electrnic Mail Ntice List t receive NEF transmissin at the addresses stated belw: (If the debtr is nt represented by an attrney fr this mtin, have the persn wh fills ut this Prf f Service write the fllwing sentence: See NEF fr cnfirmatin f electrnic transmissin t the U.S. Trustee and any trustee in this case, and t any attrneys wh receive service by NEF. ) Service infrmatin cntinued n attached page. SERVED BY UNITED STATES MAIL: On (date) (date that a cpy f this dcument was mailed t Original Lender), I served the fllwing persns and/r entities at the last knwn addresses in this bankruptcy case r adversary prceeding by placing a true and crrect cpy theref in a sealed envelpe in the United States mail, first class, pstage prepaid, and addressed as fllws. Listing the judge here cnstitutes a declaratin that mailing t the judge will be cmpleted n later than 4 hurs after the dcument is filed. RESPONDENT: (Name f Original Lender) (Address f Original Lender) (City, state, zip f Original Lender) Service infrmatin cntinued n attached page 3. SERVED BY PERSONAL DELIVERY, OVERNIGHT MAIL, FACSIMILE TRANSMISSION OR (state methd fr each persn r entity served): Pursuant t F.R.Civ.P. 5 and/r cntrlling LBR, n (date), I served the fllwing persns and/r entities by persnal delivery, vernight mail service, r (fr thse wh cnsented in writing t such service methd), by facsimile transmissin and/r as fllws. Listing the judge here cnstitutes a declaratin that persnal delivery n, r vernight mail t, the judge will be cmpleted n later than 4 hurs after the dcument is filed. Service infrmatin cntinued n attached page I declare under penalty f perjury under the laws f the United States that the freging is true and crrect. (Date filled ut) (Name f persn wh filled ut frm) (Signature f persn wh filled ut frm) Date Printed Name Signature June 0 This frm is mandatry. It has been apprved fr use by the United States Bankruptcy Curt fr the Central District f Califrnia. F PROOF.SERVICE