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Can You Exempt Property on a Secured Loan?

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Junior Member
What is the name of your state? Florida

I have a loan secured with some miscellaneous household property (TV, radio, computer, etc.) I recently filed Chapter 7 and included this property on my exemptions list. A day or so before my meeting of creditors, I received a reaffirmation agreement from the loan company saying that I must reaffirm or lose the property. Is this true? Even though I chose to exempt that property? Any advice would be appreciated. Thank you!

Shannon Dunaway
[email protected]


Senior Member
If there is a lein on it, it's not yours to expempt. You can exempt your 'portion' that has been paid, or 'equity', but that wouldn't be smart. If it's a secured loan, you either have to give it up or sign the reaffirmation.


Senior Member
Nope, Nope, nope !!

If this property was listed as collateral for some other loan and NOT the purchase of those items, then you can indeed (and must) exempt the property. You must file a motion to avoid the lien as a 'non-purchase money security interest' as it impairs your exemption of your property.

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