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It’s a little-known secret — and too infrequently exercised right of a debtor — to “redeem” a car in Chapter 7 bankruptcy, that is, take the car back from the lender at what the car is worth, not what you owe.

Yes, you heard that right: A debtor in Chapter 7 bankruptcy has a right to take his or her car back from the lender at what the car is worth.

Section 722 of the bankruptcy code gives Chapter 7 debtors the right to force the lender, who is holding as collateral personal property intended primarily for personal, family or household use (such as the family car), to fully release its lien in exchange for a lump sum payment by the debtor of the retail value of the item.

BEWARE HIGH-VOLUME TAX HELP ADVERTISERS
Evening TV commercials offering to help taxpayers with tax debts.They promise to help you solve your delinquent tax problems. But are they legit?

High volume advertisers typically collect hefty retainer fees from a large number of burdened taxpayers, make quick, superficial efforts to protect the taxpayers, often accomplish nothing – then change their names and come back the next week with more high-volume advertising. Some evenings five or six different advertisers make their pitch on local T.V.

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