Pawned Property Versus Repossessed Property in Bankruptcy
It’s understandable that debtors would pawn property before considering New York bankruptcy. It’s sort of like a securitized payday loan. It’s also common for debtors’ property to be repossessed, which I’ve discussed here. What’s not necessarily intuitive is why after a debtor files bankruptcy the repossessed property is returned but the pawned property is not. …
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