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21. “Ride-through” Prohibited
The “fourth option” in Chapter
7 cases authorized by some circuits, to retain secured property
without reaffirmation by continuing payments (installment redemption)
is no longer allowed. The provisions of the §521 and §362
overlap, but are somewhat contradictory. §362(h)(1) and
§521(a)(2) provide that the requirements to file the intention
and timely perform it apply to any debt secured by property
of the estate and that failure to comply terminates the automatic
stay. §521(a)(6) appears to set out a different process
and time period for the subset of property secured by a purchase
money security interest, but the rights provided there appear
to be less generous than those already provided by the broader
language in Sections 362(h)(1) and 521(a)(2), so it is not clear
which would apply.
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