Legal Question in Bankruptcy in Virginia

Re: Secured loans

It depends. Usually you can keep the asset so long as you continue to make the payments. However, the trustee does have the right to take the property if there is enough equity in the asset.

Give me a call if you need more information at either my VA office at 703-968-3974 or Maryland at 301-652-0663.

Re: Secured loans

The way the present law is written, when filing chapter 7, you must disclose with the court your intentions regarding secured property. You elect on of the following: Surrender, reaffirm, redeem or keep the secured asset and maintain the regular payments. If the secured asset has a lot of equity the chapter 7 trustee may chose to exercise his absolute right and liquidate the asset. In short, unless there is an issue regarding equity in the secured asset you may keep it by simply maintaining the payments. You may contact me if you have further questions.