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my secured loan

i bought a car in 2006 through a bank for a 6 year term. 2 years later i secured a loan through a citi financial using my car for collateral. what will happen if i claim bankruptcy? who will take my car or can i keep it if i cliam bankrupt?

Posted from: British Columbia

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One Response to “my secured loan”

A licensed trustee said...

You should probably start by obtaining a title search on your car’s VIN to see who has registered liens against it. Whomever registered first has the first claim to the car if you file for bankruptcy. If a second lien has been registered then that creditor only is secured in so far as the car is worth more than you owe the first lien holder.

For example, if the acr is worth $10,000 and the first lien is owed $8,000 then the second lien has the right to what you owe them or $2,000, whichever is less.

If both liens are valid and have value then to keep the car you will have to maintain both payments after you file for bankruptcy. Your trustee will explain this in greater detail.