secured personal assets
My car loan has my car and my personal assets secured on the loan. Personal assets such as furniture. The car is only worth approx 2500 and prob owe approx 9000 on the loan.
If I file for bankruptcy will they take the car and my furniture??
If you file for bankruptcy, if you ceased making payments to the secured lender, I would expect they would take the car (regardless of the value). Whether or not they would take the furnishings is more difficult to predict, but in the absence of payments it is well within their ability to take both. The key to this issue hinges around payments, you can arrange with the lender to keep these assets, but would have to continue to make these payments as originally contracted.