Q: I have a loan out three notes behind they want take a single note what are my options
Tried to take them notes twice they say they way all at one time
A: The creditor has the right to take the position that it will only accept payments if you bring the loan completely current. If the creditor repossesses the collateral or commences foreclosure if the collateral is real property, you can file a chapter 13 bankruptcy. If the collateral is a vehicle or other personal property, you may be able to save a substantial amount of money by reducing the interest rate, depending upon how high the pre-bankruptcy interest rate is. If the collateral is a long term loan on your home or other real property, the you can pay the arrears over time and restructure other debt, and may be able to discharge your unsecured debt with nothing being paid to those creditors.
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