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What options exist with regards to secured property in a chapter 7 case?

  • Reaffirm the obligation with the secured creditor (both the debtor and creditor must agree to the reaffirmation).
  • Surrender the collateral.
  • Retain and keep current with creditor (a secured creditor with personal property for collateral may still be permitted to repossess the property should the debtor not reaffirm).
  • Redeem the property by paying the creditor the value of the collateral (only available with tangible personal property used for personal, family or household use).

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