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Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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If you have a lien on a car and house with a person and he

Resolved Question:

If you have a lien on a car and house with a person and he found out you are going to file chapter7. Can he take it for his payment be for you file?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.
Hi JACustomer,
Is the person a co-signor on the loan for the car and the house?
Customer: replied 3 years ago.
No he just loan some money and put liens on this so if some thing happen he could get payment.The the paper work is all most done but they have not filed yet.
Expert:  cfortunato replied 3 years ago.
Have you stopped paying the loan that is secured by your house and car?
Do you also have a mortgage on the house or a car loan on the car?
If yes, what is the market value of the house and also the car?
And, what is the balance of the mortgage and the car loan?
Customer: replied 3 years ago.

There is no mortgage both are paid off. House is 14000.00 and the car is 4000.00

He paid him when he could. and that was there agreement.

Expert:  cfortunato replied 3 years ago.
The person with the liens can take the house and car only if the loan is not being paid. He cannot take the property just because the person who borrowed the money is planning on filing a Bankruptcy, or even if the person does file a Bankruptcy.
However, even if the person does file a Bankruptcy, the person holding the liens can take and sell the house and car if the loan is not being paid.

I think this is what you wanted to know. If not, please let me know.
Thank you!
Customer: replied 3 years ago.

Ok what you are saying is that he can take them but what if he does not sale them

and keep all of it for him self? And this is done by him saying he is doing it bacause he did not recived payment?

Expert:  cfortunato replied 3 years ago.
He cannot keep the house and car. He must sell them at an auction, and if the items are sold for more then the balance of the loan, he must refund the difference to the person who borrowed the money.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you

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