Legal Question in Bankruptcy in District of Columbia

Redemption Process

Hello:

I have been told that creditors rather a person in need of debt relief follow the redemption process. I have read ''stuff'' about this process on the net. I am not talking about using this process to buy a lot of things and then not pay for the items by using the process. I am talking about using it in place of bankruptcy and also for the sake of what it ''supposively'' stands for--- in reference to what some people and some public officials consider a private for profit Federal Reserve which perhaps may enrich the big stock holders in banks at the expense of the struggling middle class wage earner like, for example, teachers. From what I have read it is legal and do-able, but if I need debt relief, I would perhaps like to attempt using this redemption process because of what I am led to believe it stands for. But I want a lawyer to help me with it to avoid glitches and doing it improperly. Please contact me. Thank you.


Asked on 2/04/04, 9:52 am

1 Answer from Attorneys

Daniel Press Chung & Press, P.C.

Re: Redemption Process

There is no such thing as the "redemption process." Redemption is a procedure IN BANKRUPTCY whereby you can keep an item that is collateral for a loan by paying the creditor its fair market value.

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Answered on 2/04/04, 11:49 am


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