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The liability on the note itself can be discharged, but the lien on the property remains- in other words, the creditor cant use the courts to collect the debt, but he can take the secured property if you stop making payments.
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∙ 13y ago
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What is the maximum personal loan that can be discharge in chapter 7?
Chapter 7 has no maximum loan amount.
An item secured by collateral can be foreclosed on and sold unless you agreed to be responsible for the loan is what chapter?
chapter 7
What is a secured loan?
what is a secured loan
What is a partial secured loan?
Where only part of the loan is secured.
Is a mortgage considered a bond type security?
No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.
What makes a loan a secured loan?
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
Are cars an asset when filing for Chapter 7?
Yes. There may of course be a liability of a loan secured by it you also need to report.
What does it mean when a debt or a loan is personally secured?
When a debt or loan is personally secured, it means that the person who took out the loan has used something as security in case they default on the loan. A mortgage is an example of a secured loan.
What is the example of secured loan?
A mortgage is a secured loan. Any loan that has a charge on assets is a secured loan - effectively, if you don't repay it gives the lender the right to take the goods against which the loan was granted.
Can you get a car loan before chapter 7 discharge?
No. And if someone wants to give you one, run away from that dealer.
Can you sell your car and payoff the loan after filing chapter 7 before the discharge?
You should be able to do so, yes.
Where can one with poor credit get a secured loan?
You can get a secured loan with poor credit online from the Secured Personal Loan Gofo website. However, to get a secured personal loan from companies like this, you may need property or other collateral.
