ABI Commission on Consumer Bankruptcy – What Does It Mean to Surrender?

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By Henry E. Hildebrand, III, Chapter 13 Standing Trustee (Nashville, TN)

One of the most confusing elements in consumer bankruptcy practice is the effect of electing the option given in § 1325(a)(5)(C) or § 521(a)(2). Section 521(a)(2) requires every debtor to file a statement of intent that indicates whether the debtor intends to “surrender or retain” estate property which secured a debt. If the debtor intends to surrender the property, the automatic stay terminates and the creditor is free to pursue the surrendered asset. In a Chapter 7 case, § 727 permits a court . . .

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