Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Collateral Loan

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Collateral Loan

    We took out a "personal loan" in CA for approx. $12,000 over 1 year ago. The personal loan funds were utilized to purchase a friends used vehicle for our daughter, and about 8 months ago vehicle was sold. DMV title-transfer of ownership from "us to the new buyers and their lender completed months back."

    We're 100% current on the personal loan monthly payments. However in reading all the fine print and contacting the bank for the personal loan, the vehicle purchased was initially to be used as collateral. The bank calls it a "personal loan, secured by collateral." The original bank documents indicate that the title to the vehicle purchased was to have their bank name, address listed as the lienholder. However, this never happened by the bank, nor by us either. Title was only in our name, no lienholder. Bank says they failed to add themselves as lienholder, we should have done it.

    We have already filed for Ch. 7 bankruptcy, lender was already notified too. Lender's BK dept. indicates for us to keep making the payments to them, timely manner. We've never missed a payment, on the personal loan. In speaking with the banks BK Dept. we did not notify them the vehicle was sold months back, nor did they ever ask. Their BK dept. said online access was cut off, do to the BK filing. Yet, for us to send monthly payments to their BK dept., and the address was provided.

    The debt is being discharged through the BK 7. Yet, if we stop making the payments on this CA loan then what? Title was never in the banks name, we sold the vehicle, discharged through BK. At this point what options, rights does the bank posses? Or, in good faith should we just continue making the payments even though collateral sold, that the bank never had title to?
    Last edited by 1richard1; 04-08-2011, 02:13 PM.

  • #2
    You could have a problem with this one. You got rid of the collateral (the car) so if you stop paying the loan, the lender can't repossess. I would have a talk with your attorney about this. Did your attorney ask you what you did with the car or the money you received from selling it?
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

    Comment


    • #3
      The loan is 100% unsecured, "vehicle certificate of title never perfected."

      Debt included is listed under the unsecured bankruptcy schedules. Attorney advised the bank has no authority to repossess, cert. of title never under their name. He relayed the bank has the authority to challenge the debt, 341 hearing. However, that they'd loose since the lender extended a personal loan, secured by collateral without perfecting the title.
      Last edited by 1richard1; 04-21-2011, 12:06 AM.

      Comment


      • #4
        These loans are specially secured by some assets you own or promise to hand the assets to the lender which the creditor can sell the collateral if the loan is unpaid.

        Comment


        • #5
          Originally posted by 1richard1 View Post
          The loan is 100% unsecured, "vehicle certificate of title never perfected."

          Debt included is listed under the unsecured bankruptcy schedules. Attorney advised the bank has no authority to repossess, cert. of title never under their name. He relayed the bank has the authority to challenge the debt, 341 hearing. However, that they'd loose since the lender extended a personal loan, secured by collateral without perfecting the title.
          This is correct - if the title was secured correctly than this becomes an unsecured debt.
          I am NOT an attorney. Please take any advice given as advice from a consultant with experience in bankruptcy alternatives
          [link removed by admin]

          Comment


          • #6
            This thread is more than 8 months old. Please do not resurrect old threads; it is against the forum rules.

            Thank you
            "To go bravely forward is to invite a miracle."

            "Worry is the darkroom where negatives are formed."

            Comment

            Unconfigured Ad Widget

            Collapse
            Working...
            X