As you know, most CU's cross-colateralize their loans if there is more than one. We had 3 loans prior to BK, 2 had the objects that stood for themselves and one a personal that we offered collateral on. Here's the dilema part. One of our ATV's was used, but the loan officer gave the title was never registered in our name, so they never got the title. We still haven't had it titled as it wasn't necessary in our state to be registered. Now we've made other transportation arrangements on the other 2 loans so they will be getting back the collateral there. Can they take our ATV since they actually have no title, and that particular loan is over half paid for, but was included in the BK?
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i don't know what's an ATV.
but a lien that's not perfected prior to bk cannot be perfected after. so this particular loan would be unsecured, just like a cc.filed ch7 May 09
341 june 09
discharged, closed Aug 09
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bumpComment
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anybody??Comment
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I think music12 hit the nail on the head.
The loan is unsecured.Comment
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No b/c since you had no title they had no title to attach a lien to.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!!!
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I felt like that was the case, but I just wanted to be sure. Thanks all.Comment
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