QUESTION
I had a Chapter 7 bankruptcy discharged in June of 2010. Last week, without warning, the credit union where I had a Visa, came and took my truck that has been paid off since 2009. They never called or attempted to work something out. My Dad had to file Chapter 7 in 2008. He also had a Visa and other loans at the same credit union, but they allowed him to keep both his cars, with titles, and he owed them more than me. Is this not discriminatory? I am self-employed and my truck is my life line - without the truck I am unable to provide for my family. I thought bankruptcy laws were there to protect the consumer. In my case it they have completely crippled me.
Asked on Apr 21st, 2011 on Bankruptcy - Tennessee
More details to this question:
I had a Chapter 7 bankruptcy discharged in June of 2010. Last week, without warning, the credit union where I had a Visa, came and took my truck that has been paid off since 2009. They never called or attempted to work something out. My Dad had to file Chapter 7 in 2008. He also had a Visa and other loans at the same credit union, but they allowed him to keep both his cars, with titles, and he owed them more than me. Is this not discriminatory? I am self-employed and my truck is my life line - without the truck I am unable to provide for my family. I thought bankruptcy laws were there to protect the consumer. In my case it they have completely crippled me.
1 ANSWER
Workers Compensation Attorney serving Greensboro, NC
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Duncan Law, LLP
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The answer to your question depends on a few different factors. You will need to find out if the Visa debt was cross-collateralized with the truck. In other words, sometimes, credit unions require that certain secured items (cars, houses, etc.) be collateral for unsecured debts such as credit cards.
Your attorney who filed the bankruptcy for you should be able to help you find out if the truck was collateral for the Visa debt.
Terry Duncan
Charlotte, NC Bankruptcy Lawyer
Answered on Apr 21st, 2011 at 12:10 AM