A more thorough explanation:

Redeem has multiple definitions:

In bankruptcy, redeem means the debtor’s right to buy back property they previously owned but another acquired in a forced sale by a creditor. For example, if a debtor's car was repossessed and sold by the creditor, the debtor may have the right to buy it back by paying the creditor the full amount owed on the car loan. This is called redeeming the property.

In securities law, redeem means the repayment of a fixed-income security (e.g. bond) at or before the maturity date. For example, if a corporation issues a bond with a maturity date of January 1st, 2030, a holder of the bond may choose to redeem it before that date in exchange for a lump sum payment.

In real property law, redeem means the debtor’s payment on a defaulted mortgage after foreclosure so that the debtor can eventually regain possession of their property. For example, if a homeowner defaults on their mortgage and their home is foreclosed, they may have the right to redeem the property by paying the full amount owed on the mortgage within a certain amount of time after the foreclosure sale.

Overall, redeem means to regain possession or ownership of something by paying a certain amount of money or fulfilling certain conditions.