Legal Question in Bankruptcy in California
chapter 13 and keeping property that secures the loan
If someone declares chapter 13 because they are going to default on a loan, will they lose the property that secures the loan?
Asked on 6/12/09, 11:39 am
1 Answer from Attorneys
Re: chapter 13 and keeping property that secures the loan
It depends on many factors. You can choose to surrender the property, or you can try to keep it and pay all or some of the debt which it secures. Depends on the type of property (home? car?) and the type of debt (first mortgage? second? car loan?), if it's a car, depends on when you purchased it (more of less than 910 days prior to filing the bankruptcy?)... there are other factors that go into it. You should discuss your particular situation with an attorney.
Answered on 6/12/09, 3:03 pm
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