|
Redemption relates to statutory authority to pay, while a Chapter 7
case is pending, the underlying debt securing a specific item of
collateral. By paying a secured debt in course of administration, a
debtor may obtain a release of lien. If the property is exempt, the
debtor may then retain collateral. Debtors are not allowed to waive
their right of redemption. Even if a signed waiver is presented by any
party in interest, the effect of the document is null according to terms
of law, and therefore unenforceable despite clear intent to the
contrary.
|
