Is it true that if you file a Chapter 7 but used your car as collateral for a loan, your car can still be repossessed?
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Is it true that if you file a Chapter 7 but used your car as collateral for a loan, your car can still be repossessed?
Asked on March 31, 2014 under Bankruptcy Law, Minnesota
Answers:
Maury Beaulier / MinnesotaLawyers.com
Answered 10 years ago | Contributor
Yes. If you do not reaffirm a secured debt (which ,in some cases may be reduced based on vehicle value), the collateral may be forfeited.
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