Legal Question in Credit and Debt Law in Kentucky
Kentucky personal loan
I am 65 and on ssi. I am a couple months behind on a personal loan. The finace company has come to my house asking for the personal propery i put up for the loan and threading to bring the police to get it. I am planning to file bankruptcy in a few weeks.
1 Answer from Attorneys
Re: Kentucky personal loan
The lender appears to have what is called a non-purchase money security interest in some household goods. Liens such as that can be avoided (or set aside) in a bankruptcy proceeding if the lien impairs your exemption rights in the good. For example, if you own $3,000 of household goods; there is a lien for $1,000, and you are entitle to exempt $3,000, then allowing the lien to remain would impair your $3,000 exemption rights.
MAKE SURE your bankruptcy lawyer knows about the lien and he or she should plan to avoid the lien in the banruptcy.
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