Redemption pays-off the lien on the secured property in the amount of the replacement value at the time of the filing of the Petition. This is part of the new code §506(a)(2)If the debtor is an individual in a case under chapter 7 or 13, such value with respect to personal property securing an allowed claim shall be determined based on the replacement value of such property as of the date of the filing of the petition without deduction for costs of sale or marketing. With respect to property acquired for personal, family, or household purposes, replacement value shall mean the price a retail merchant would charge for property of that kind considering the age and condition of the property at the time value is determined.

According to 11 U.S.C. 722, "an individual debtor may, whether or not the debtor has waived the right to redeem under this section, redeem tangible personal property intended primarily for personal, family, or household use, from a lien securing a dischargeable consumer debt, if such property is exempted under section 522 of this title or has been abandoned under section 554 of this title, by paying the holder of such lien the amount of the allowed secured claim of such holder that is secured by such lien in full at the time of redemption."

This option used to save quite a bit for the Debtors. Although it may not save as much now it still might be an option for you. The company we work with is called 722 Redemption. Although you may work with any company that will finance you for this lump sum payoff.