QUESTION
Can I file bankruptcy if a personal loan is on lien?
Asked on Oct 26th, 2012 on Bankruptcy - New Jersey
10 ANSWERS
Bankruptcy Attorney serving Hampton, VA
at
Haven Law Group, P.C.
Update Your Profile
Yes. The bankruptcy will discharge your personal liability regardless if the debt is secured or unsecured.
Answered on Oct 31st, 2012 at 5:11 AM
Bankruptcy Law Attorney serving Austin, TX
at
Law Office of Susan G. Taylor
Update Your Profile
Some liens can be set aside, for instance, non-purchase money liens on household goods.
Answered on Oct 31st, 2012 at 12:59 AM
Bankruptcy Attorney serving Myrtle Beach, SC
at
Law Office of Margaret L. Evans, PC
Update Your Profile
Have no idea what you mean by "personal loan is on lien" gotta give more details.
Answered on Oct 29th, 2012 at 7:12 PM
Chapter 7 Bankruptcy Attorney serving Milwaukee, WI
at
Law Offices of Deborah A. Stencel
Update Your Profile
Sure. You cannot expect to keep the property that the lien is against, however. For example, if you have a car with a lien and file bankruptcy, can either reaffirm the debt, continue paying and keep the car or stop paying and expect the car to be repossessed.
Answered on Oct 29th, 2012 at 7:08 PM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
I am not certain what you are asking. Please understand that when you file for bankruptcy you file all your debts and include all your assets. If you have items you want to keep that have liens, such as a car or house, then you keep paying on it. Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Oct 29th, 2012 at 7:03 PM
Yes, you can file bankruptcy with a debt that is a lien. However, depending on the exact nature of the lien, you may have to pay the lien in order to keep the property affected by the lien. You need effective representation in your bankruptcy to protect your rights.
Answered on Oct 29th, 2012 at 7:03 PM
Criminal Defense Attorney serving Deltona, FL
at
R. Jason de Groot, P.A.
Update Your Profile
Yes, you can file bankruptcy if your expenses exceed your income. There is a special procedure that only an attorney can help you with in order to get rid of the lien.
Answered on Oct 29th, 2012 at 7:02 PM
Construction Litigation Attorney serving Mission Viejo, CA
at
Law Office of Christian F. Paul
Update Your Profile
It's not possible to answer your question because it's not clear what you mean by a personal loan on lien. Did you borrow money from someone? What is the lien? Some more detail will be helpful.
Answered on Oct 29th, 2012 at 7:01 PM
Bankruptcy Law Business Attorney serving Asheville, NC
Partner at
Pitts, Hay & Hugenschmidt, PA
2 Awards
You can file a bankruptcy with a secured debt: the question is whether it will have to be paid, and I need more information to answer that.
Answered on Oct 29th, 2012 at 1:10 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
Your personal liability will be discharged but you will have to then strip the lien, if no grounds, then the lien remains as an encumbrance on the property.
Answered on Oct 29th, 2012 at 1:07 PM