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).