§722 Redemption Quiz
4 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the main factor in determining the amount to be paid for §722 redemption?

  • Appraised value
  • Liquidation value
  • Original purchase price
  • Fair market value at retail (correct)

    • Under what conditions can an individual debtor redeem tangible personal property from a lien securing a dischargeable consumer debt?

  • If the property is inherited by the debtor
  • If the property is acquired post-bankruptcy
  • If the property is exempted under 522 or abandoned under 544 (correct)
  • If the property is appraised at a lower value than the secured claim

    • What does a chapter 7 debtor have to do to redeem the property under §722?

  • Pay the lienholder in cash the amount of the allowed secured claim (correct)
  • Transfer the property to the trustee
  • Negotiate a new payment plan with the lienholder
  • File a petition for redemption with the court

    • How is a §722 redemption different than a §524 reaffirmation?

    <p>Redemption involves paying the secured creditor the fair market value, while reaffirmation involves entering into a new agreement with the creditor</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser