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After a car is repossessed, does the loan become a unsecured debt?
13th September 2009
I’m trying to do bankruptcy myself because my husband and I are so poor that we really can’t afford legal fees. When I’m filling out my forms, I’m trying to figure out if the amount that we still owe to the loan company is considered secured or unsecured, because then the loan would go on different forms. Please don’t tell me to get another job or that I’m a bad person. Thanks.
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List it as unsecured and write between the lines, "Car repossessed." That should make it clear. Lee
Comment by Easygo — September 13, 2009 @ 4:14 am
Currently the car is considered collateral for its loan. So you would put it down as secured debt. If your going to let them take the car back, then when the lender takes the car, they will attempt to sell it to recoup the monies they lent to you and the difference, if any, is written off as a loss.
Comment by NoLibs — September 13, 2009 @ 4:14 am