Question Asked...
I have a secured loan and an unsecured line of credit. Why can I not do anything with the secured loan?
Posted from: Ontario
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Bankruptcy laws deal only with UNSECURED debts. That’s why you can’t use bankruprcy laws to deal with a secured debt.
If you want to make changes to a secured loan you must negotiate directly with the lender. If you can’t come to a new arrangement then you have the right, if you are filing for bankruptcy or a proposal, to surrendered the security to the lender – that makes the debt unsecured and then bankruptcy laws will apply. Of course, that means you have to give up the security…
You can’t have your cake and eat it too.