Partial Secured Loan

December 4th, 2007 by Questions

I filed a proposal which was completed in BC in June/2007. In my proposal was included a loan from citifinancial for $10,000 (my household furniture (3 items) were used as collateral. The proposal showed $8,000 unsecured and $2000 secured (my entire household asset were $2000 including 3 itmes). I had told the trustee that i do not want these items as they are 20yrs old. will citifinancial later come after me for the $2000. what should i do if i want to buy newfurniture and get rid of this in the future and they came after that.i dont want them to get a judgment and garnish wages. thanx


One Response to “Partial Secured Loan”

, Barton Goth GCO Bankruptcy Trustees said:

If Citifinancial comes after for you for the $2000 it will be up to you to negotiate with them. Perhaps contact them directly and request that they pick the pledged furniture up. Wait to see their response. They may simply decline and then you are able to make whatever decision with the furniture you would like (although ensure you get this in writting so that this doesn’t come back to haunt you later).

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