Legal Question in Bankruptcy in Illinois

I have a loan through a bank and can't afford the payments. My truck is on the loan, and I want to file bankruptcy. Will my truck be taken if I file for bankruptcy?


Asked on 9/19/11, 2:08 pm

1 Answer from Attorneys
Roseanne Lynch Bankruptcy Counselors, Ltd

If the truck is collateral for the loan then it can be taken if you don't make the payments on the loan. It would not matter if you filed a bankruptcy or not, if the payments aren't made the truck can be repossessed. If you do file a bankruptcy the bank may lower the amount you owe on the loan to the actual value of the truck and make the payments lower so you can afford it.

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Answered on 9/19/11, 2:25 pm


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