Redemption means the debtor pays the holder of a lien the fair market value of the property in return for a release of the lien, regardless of the amount of indebtedness secured thereby. An individual debtor may redeem for cash personal property intended primarily for personal, family or household use if such property is claimed as exempt.
The debtor’s time within which to begin performance of its intention to retain or surrender property ends 30 days after the first date set for the Section 341 creditors’ meeting, unless otherwise enlarged by the Court for cause prior to the expiration of the 30-Day period.