November 9th, 2009 by Questions
If I hve ascured line of credit, which has beeen consumed up, how the bankruptcy will handle the issue ?
Posted from: Ontario
November 10, 2009 at 10:12 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
A bankruptcy really won’t have much of an impact, assuming you want to keep the property that has been pledged as security. The only ways to retain the property is to continue to make payments on it or if the secrued creditor doesn’t want the property back.
If you give the property back prior to filing for bankruptcy or the secured creditor decides to not pick up the property, then the debt becomes unsecured and is cleared by the filing of the bankruptcy.
Log in to Reply
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.)
You must be logged in to post a comment.