Recently went bankrupt, secured loan (personal property)? My husband and I recently went bankrupt. We have a secured loan (a lien against our household property). Anybody that has been in this situation or had friends in this situation, please let us know, did you lose your personal property? If not, how did you avoid it? What options are out there? The loan is over half paid off, but due to loosing a full time job, we simply can't afford the payments. (The bankruptcy trustee doesn't think they will take our belongings). Please no negative comments as this was the hardest decision we have had to make.
The trustee is right I hope but that isn't always he case and understand that you used your property as collateral. The loan company that has it to secure the loan can in fact come and take your things away. I have been where you are standing and know what I just said can and does happen in all of the states. As we have done the same thing many years ago. How much money are we talking about here? and what is the largest loan? I will tell you that this is a black mark that you can repair not easy, but it can be done. Get Dave Ramsey's book on the "Total Money Make Over," and read it, and follow it and you not only will put this way behind you but will figure out how to come out real winners. Good luck References :
Recently went bankrupt, secured loan (personal property)?
My husband and I recently went bankrupt. We have a secured loan (a lien against our household property). Anybody that has been in this situation or had friends in this situation, please let us know, did you lose your personal property? If not, how did you avoid it? What options are out there? The loan is over half paid off, but due to loosing a full time job, we simply can't afford the payments. (The bankruptcy trustee doesn't think they will take our belongings). Please no negative comments as this was the hardest decision we have had to make.
The trustee is right I hope but that isn't always he case and understand that you used your property as collateral. The loan company that has it to secure the loan can in fact come and take your things away. I have been where you are standing and know what I just said can and does happen in all of the states. As we have done the same thing many years ago. How much money are we talking about here? and what is the largest loan? I will tell you that this is a black mark that you can repair not easy, but it can be done. Get Dave Ramsey's book on the "Total Money Make Over," and read it, and follow it and you not only will put this way behind you but will figure out how to come out real winners. Good luck
References :