Q: I'm going to be filing bankruptcy this week. I have a loan in which I put my car up as collateral to secure the loan.
Will this loan be discharged as well? Do I need to worry about losing my car?
A: If you do not know the answer to this question, you either have the most uncommunicative lawyer, or are doing something yourself you have no idea how to handle. This is a basic issue, which depends on the value of the car. If you keep the car, the loan must be paid.
A: If the car has been properly secured and the lien recorded properly, you will likely have to pay the loan or lose the car.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
