What does it mean to surrender property?
In bankruptcy you can often surrender the collateral that secures a secured loan, like a car or a house, and surrendering the collateral satisfies the debt completely, regardless of what the property might sell for at auction. Usually, a car that you surrender will be turned in within a few weeks of your bankruptcy filing. If you are surrendering a house, it can often take several months before the property is sold, and you can continue to occupy the property at no expense.
