At first blush you might wonder if today’s title has a religious theme, or refers to cashing in coupons for valuable prizes. While this post’s thrust does involve deliverance of a sort, it’s not intended as an evangelistic outreach. Instead, this essay focuses on a special provision in Chapter 7 of the Bankruptcy Code:
An individual debtor may, whether or not the debtor has waived the right to redeem under this section, redeem tangible personal property intended primarily for personal, family, or household use, from a lien securing a dischargeable consumer debt, if such property is exempted under section 522 of this title or has been abandoned under section 554 of this title, by paying the holder of such lien the amount of the allowed secured claim of such holder that is secured by such lien in full at the time of redemption.
What does this passage mean?
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