QUESTION
What do I do after I sold items I gave as collateral to get me through hard times?
Asked on Jul 29th, 2014 on Bankruptcy - Louisiana
More details to this question:
I need advice. They want list of every item where so to, in order to move forward with a law suit on them as well as myself. They said it was the management to decide. Shouldn't this be a law not management? Please help. I figured I would go to court but this seems over the top.
1 ANSWER
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When you gave them as collateral, were there documents signed to that effect? If so, and if the documents were properly filed, you may have been unable to pass "good title" to the items. In effect, you may have sold someone else's stuff. So, the person who bought it might not actually own it. Thus, the owner of the collateral interest could choose to sue you AND the person to whom you sold it to recover the items.
Answered on Jul 30th, 2014 at 5:55 PM