What is a Redemption in Chapter 7 Bankruptcy?
A San Jose bankruptcy attorney talks about the redemption in Chapter 7 bankruptcy...
A redemption as it applies to a Chapter 7 bankruptcy liquidation case, is a tangible piece of personal property belonging to the debtor thats use is intended for personal, family or household purposes. A redemption is encumbered by a lien. To qualify as a redemption, the property, in general terms, much either have been abandoned by the trustee under Bankruptcy Code, Section 554 or it must be exempt under Bankruptcy Code Section 522.
Typically, the full amount of the claim against the property must be fulfilled by the debtor to the lienholder in order for the property to be redeemed by the debtor.
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