Legal obligation to pay

[cobbrudy]

[Minnymouth]

If there is no lien on your truck then it also becomes an asset free and clear for the Trustee to sell if it is not EXEMPT.....

You need to talk to your attorney ASAP and find out the particulars involved, before you loose your truck and need it....

If there is a lot of equity in the truck you may have to buy it back from the Trustee to keep it..........

If the loan company HAS NO LIEN WRITTEN ON THE TRUCK TITLE - then the loan can be discharged in your bankruptcy..... it would be considered "unsecured loan" instead of "secured loan".... no matter what the original intentions were.

Keep us posted.

[cobbrudy]

It's an unsecured loan

Thanks for your help. There was never a lien placed on the truck, therefore says my attorney, it becomes an unsecured debt and will be discharged with the rest of debt in 3 months when all is paid. Course the trustee says a final accounting has to be completed. Any ideas on what is involved in that? Isn't that just to make sure all creditors got paid?

Thanks again!

[Viper]

What Chapter BK did you file under?

Old BK laws or new?


-Viper