Sorry Folks, There is no “Riding Through” This Town!

By Academy Staff

The Bankruptcy Code has long provided various ways to deal with personal property that is subject to a lien or security interest. Section 524 allows a Debtor to “reaffirm” the debt, assuming Debtor and Creditor can reach an agreement on the terms of the reaffirmation. Section 722 allows the Debtor to “redeem” the property and take title free and clear of the lien or security interest. Section 521 allows the Debtor to “Surrender” the property, allowing the Creditor to enforce its lien in accordance with applicable State Law.

Each of these alternatives pose significant difficulties . . .

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