What is redemption?
June 28, 2022
By Diane Drain Attorney & Retired Law Professor
In bankruptcy, a debtor can “redeem” secured personal property such as furniture, computers, automobiles, or other items that were bought on credit. To redeem a property means to buy it from the secured lender for its current fair market worth, taking into account its age and condition. This may be a suitable alternative if the property is worth less than the secured loan. The issue is that most redemptions require full payment at the moment of acceptance or approval by the court.
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
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