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secured loans and bankruptcy

do i have to stop payments for secured loans e.g. car loan, if I have to file bankruptcy.

Posted from: Alberta

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One Response to “secured loans and bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

During a bankruptcy there is no problem with you continuing to pay secured creditors (i.e. a car loan) as long as you can afford to make the payment each month. The bankruptcy is designed to deal with your unsecured creditors, whether or not you want to continue with payments to any secured creditors is up to you.

The only cautionary note is that if you choose not to pay the secured creditors, make this decision before the filing of a bankruptcy, if you do so and return the property prior to filing the bankruptcy, then you can be cleared by any balance. However, if you return the property after bankruptcy you may not be able to be released from the related shortfall.