Lien after Bankruptcy

August 13th, 2011 by Questions

I have a lien put on my equipment in my restaurant. If I file for bankruptcy and I lose the restaurant and all the equipment, does the lien then go away?

Posted from: Ontario

Questions

One Response to “Lien after Bankruptcy”



August 13, 2011 at 6:45 am, A licensed trustee said:

The lien on your equipment works just like a lien on a car. If you surrender ther quipment when you file for bankruptcy then if there is any shortfall on the debt it will be dealt with by your bankruptcy (the lien will be gone).

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