Legal Question in Bankruptcy in Virginia
Bankruptcy and a charge off
Filed bankruptcy a few years ago, kept car. The institution that had the loan on the car, I also had a charged off credit with. Finally paid car off but the institution will not release title unless the credit car balance and penality is paid first. In that one had nothing to do with the other, is that legal?
Asked on 12/05/06, 6:25 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Bankruptcy and a charge off
It depends on whether the credit card was validly cross-collateralized against the car. If the lender was a credit union, it is likely that their loan documents do cross-collateralize all debts to that institution. Accordingly, the credit card was also secured against the car.
Answered on 12/06/06, 10:12 am
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