loan

January 6th, 2009 by Questions

Most of my debts are unsecured credit cards. One debt is a loan whereby it`s in writing that they can take my living and bedroom furniture(nothing specific) if I default on the loan.. does that mean if I file for bankrupcy, they`ll back up a truck to my house and take my furniture away???

thanks,
Ed

Posted from: Manitoba

Questions

One Response to “loan”



, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If you have pledged those items as security they may have the ability to seize the furnishings should you default on the loan or file a bankruptcy. What would be best for you to do is take a copy of that loan agreement into a local trustee and have him review the specifics to determine if it will be considered valid security. If it is then the creditors do have that right of seizure, but if the security is not valid this may not be an issue.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)