Overland Park Bankruptcy Attorney

It is not well known, but a debtor in a Chapter 7 bankruptcy can redeem secured property using Section 722 of the Bankruptcy Code.  What does it mean to “redeem” property?  Redemption means that a secured debt on some secured collateral (e.g., car, boat, trailer, furniture, etc) can be paid off completely by paying the loan to the fair market value of the collateral, rather than the full loan balance.  In the process, the debtor can save literally thousands of dollars.

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