Currently viewing the category: "Secured Debts"

Is Selling a Secured Asset Before Bankruptcy Fraud?

On June 23, 2011 By

Recent Question and Answer

Question: I have had 2 loans out for about 2 years now, one secured one unsecured. I have been paying them throughout the 2 years on time but have recently had my hours cut from full time to part time. I am unable to afford to pay the loans and am [...]

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In Bankruptcy, Does a Creditor Have a Secured Debt If The Collateral No Longer Exists?

On February 2, 2010 By

Question:

Two years ago I was sent the title for a motorcycle from the finance company by mistake while still owing money on it.  They signed the title over to me at which point I transferred it into my name.  Since then I’ve sold the motorcycle and in doing so signed the title over to [...]

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Worst Case Scenario, Selling Secured Property Without Paying The Secured Lender?

On January 23, 2010 By

Question:

If you sell, destroy or have disposed of a secured item, does the creditor still have a security interest, or are they now unsecured?

Answer:

The answer depends on for what purpose you need to classify the loan as secured or unsecured. For the sake of context, I am going to assume you are [...]

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What Happens To Time Shares In a Colorado Bankruptcy?

On January 17, 2010 By

Question:

We have two time shares, the first is completely paid for and we pay maintenance fees (even though we paid a company $2,500 to buy this but they disappeared somewhere – just a different story!!). We owe $5,500 on the second timeshare and are now 1 month behind on the mortgage and $350 behind [...]

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Learning the Lingo (Issue 6). What is a Motion for Relief from Stay?

On June 15, 2009 By

A Motion for Relief from Stay is usually filed by secured creditors to allow them to proceed with exercising their security interest before the bankruptcy is discharged. For context, let’s back up.

First, when an individual files for bankruptcy, they receive the benefit of the Automatic Stay. The Automatic Stay stops all collection activity, [...]

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Lies “Some” Real Estate Agents Tell About Short Sales.

On May 8, 2009 By

First, a little background; a short sale is when a homeowner sells their home for less than is owed to their mortgage lenders. A short-sale is commonly viewed as an alternative to foreclosure. The difference between the sale price and the amount owed is the deficiency balance. The bank can do two things with the [...]

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My Second Mortgage Shows as Charged Off on my Credit Report, Does This Mean I Don’t Owe My Second Mortgage?

On April 9, 2009 By

Unfortunately, the answer is no. A charge off entry on your credit report merely indicates that the lender decided to account for the loan as a loss for accounting and tax purposes, but a charge off in no way alters your responsibility for the debt. Moreover, a charge off will not remove the lien against [...]

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Can I Keep My Car In Chapter 7 Bankruptcy?

On March 24, 2009 By

Generally, yes, debtors in bankruptcy are allowed to keep their car. First, a car is an asset; and for bankruptcy, assets are either exempt or non-exempt. Colorado law provides a $5,000 equity exemption for a motor vehicle, CRS 13-54-102. Side note; leased vehicles are not assets; you do not own a leased vehicle. Most people [...]

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