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Bankruptcy Questions and Answers - What is a redemption?

What is a "redemption"?

May 1, 2012

It is a process that may be possible for a chapter 7 to do in which the debtor takes out a new loan usually on a motor vehicle and pays off the old loan in an amount equal to the value of the vehicle, NOT the balance on the loan. Sometimes a great deal of money can be saved in this manner. We will tell you if a redemption may be possible for you and we will help you get it done if it is possible.

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