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Questions and Answers
What is the main factor in determining the amount to be paid for §722 redemption?
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?
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?
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?
How is a §722 redemption different than a §524 reaffirmation?
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