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    Questions about loans

    Not sure if I should file for 7 or 13. I've got several consumer loans supposedly secured by my household goods and I refinanced them and got more money in the last 60-90 days. These loans total to more than $8,000. Are they undischagrable because they secured by household goods ( they asked when I applied and refinanced what household goods I had such as electronics, computers, etc.)? They will come for my goods? I still can't make all my payments, should I wait 90 days or longer or 6 months to file/. I'll be deep underwater in 6 months. I have a lot of questions, lol.

    #2
    Welcome to the Forum.

    Secured and must pay? Not so fast. Please Google and read 11 U.S.C. 522(f). This will turn on whether or not those household you used as collateral items are exempt - assuming that you did not take out the loan for the actual purchase of those items.

    You did not indicate what State you are in so there is no way for any of us to comment on possible exemptions.

    Des.

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      #3
      I live in NC and i looked it up and I have a $3500 motor vehicle exemption and $5500 personal property exemption. I really don't think I'm in trouble here after all. Thanks for the reply!

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