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Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26104
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by West
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I have some questions about redemptions buring a chapter 7

Customer Question

I have some questions about redemptions buring a chapter 7 bankruptcy. One is the debtor or the debtor's attorney obligated to reach out to the creditor to negotiate a redemption or is it the creditor's responsibility? Also is there a time limit to negotiate a redemption ?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 2 years ago.
Hi - my name is XXXXX XXXXX X'X a Bankruptcy litigation attorney here to assist you.

Are you talking about a reaffirmation agreement?
Customer: replied 2 years ago.
no. I am speaking of a redemption. Whereas the debtor pays the current value of the vehicle or loan amount in full to the creditor. does the trustee have a hand in that process as well? What is the normal process? Is the debtor or debtor's attorney obliged to start the process with the creditor beyond the notice given in the original filing? Is there a time limit for the process to be complete? Where are the rules regarding the process?
Expert:  Roger replied 2 years ago.
Ok. Just wanted to be sure.

A redemption is where a debtor pays the creditor the current value of the subject collateral and the remaining amount will be discharged through the bankruptcy.

You must approach the creditor about this if you want a redemption. If not, the lender will move to lift the stay and recover the collateral.

The redemption should be done before discharge.
Customer: replied 2 years ago.

Are these in the rules of Us bankruptcy court as I cannot find them anywhere in the rules listed on their website not do I find it in any of the debtors responsibilities other than to notify them of your intent by checking redemption on the appropriate schedule. The trouble I am having is all of my secured creditor's except one reached out to us to negotiate a redemption or reaffirmation. One however filed a motion to lift stay claiming that any redemption had to be negotiatiated within 45 days of the first 341 meeting. Is there such a rule and if so where can I find it? I will tip you generously for your extra time on this question . I have a second bankruptcy question regarding the process and venue for filing complaints against creditors who violate the stay. Please advise whether I should post this as a second question...

Expert:  Roger replied 2 years ago.
A redemption is found in 11 USC 722: http://www.law.cornell.edu/uscode/usc_sec_11_00000722----000-.html

The court sets the timelines after the petition is filed. You'll have to look at your deadline schedule to find the last date to enter into such an agreement.
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26104
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
Roger and 4 other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.
For some reason it wouldn't allow me to give you a bonus. Is there a link you can send to do that ?
Expert:  Roger replied 2 years ago.
A bonus was posted. Thank you very much!!

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