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secured loan and chapter 7

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    #1

    secured loan and chapter 7

    well,I don't know if you can call it a secured loan ,but we took a loan out,and had to put as a collateral a few things as a fridge,a big screen TV and a laptop.

    the TV bit the dust about a year ago( was left in the house that foreclosed),the laptop fell on the floor,and the screen is busted( still have the laptop,but not working),and the fridge was left in the house that was foreclosed,we couldn't move it...

    so what will happen to the loan during a chapter 7? what can we do?

    thanks...
    filed chap 7 pro se 09/15/09
    341 meeting 10/19/09 continued
    2nd 341 meeting 11/09/09 concluded
    discharged : 12/21/09 closed :01/08/10
    Tags: None
    #2
    well, if the loan is secured by things that no longer exist, then its worthless. let them take the TV, broken laptop, and fridge...

    even if the TV, laptop, and fridge were still available, you could claim them as exempt and avoid the lien.

    sounds like a very strange security for a loan.
    filed ch7 May 09
    341 june 09
    discharged, closed Aug 09

    Comment

      #3
      An actual bank issued you a loan with that collateral?
      BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
      Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

      Comment

        #4
        Are you sure you don't live close to me? That's the sort of stuff our banks take on collateral. You should be fine just be sure to tell your lawyer that you put that stuff up and you don't have it anymore.
        4/09 Converted to a Ch 7 due to loss in dh's income
        5/09 UST now involved no idea what happens next
        7/09 UST has decided to withdraw his motion to dismiss!
        7/27/09 DISCHARGED!!!

        Comment

          #5
          Even if you still own the stuff, the collateral is exempt and the lien against it can be voided using 11 USC 522f. Your attorney should know about this and if they don't then check to make sure they are a legitimate BK Attorney.

          Good Luck
          Disclaimer: I am not an actor on TV, but I play a BK Paralegal in real life. Nothing I say should be construed as legal advice, or really anything but entertainment. Please seek out professional help.

          Comment

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