December 3rd, 2007 by Questions
If I have a loan with my bank but have my car as collateral can I still clear the loan payments and keep my car?
One Response to “Loan”
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December 04, 2007 at 10:08 am, Barton Goth GCO Bankruptcy Trustees said:
When you have given security the secured loan lagely operates outside of the bankruptcy process. The only way you can keep the car is to make arrangemnts that are acceptable to the lendiing instituion.
The only way a bankruptcy can impact this contract is if you give the car back to the lending instituion prior to filing for bankruptcy. If this is doen then you can be cleared from the shortfall on this secured loan.