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dylatess
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5155
Experience:  37 plus years of experience specializing in bankruptcy law
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Im a license contractor in the state of California 20 day

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I'm a license contractor in the state of California 20 day ago I was served with a summons. The plaintiff is suing me for 15,000 for a bobcat loan. I have not made any payment in the last 29 months and the bobcat is in my possession. Can the plaintiff have my contractor's license suspended or go after my bond? I'm in the processes of filing for bankruptcy. If the court decides against me will I be able to add the 15,000 in to my bankruptcy or will I be force to pay it?

Thank You XXXXX
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 5 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. The fact that you have defaulted on the purchase of the bobcat does not effect your license and the creditor cannot go after your bond as the bond applies to jobs that you have done and the owner asserts a claim when he is not satisfied with your work. Likewise, if you file BK, the bobcat loan is a secured debt, that is the asset is the bobcat. And in the BK, you must file a statement of intentions as to whether you want to keep the bobcat and keep making the payments or surrender it. However, as you are so many payments behind, the creditor will most likely be able to file a motion in the BK court to recover his collateral. But you will not owe him anything further on the loan.

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