Chapter 7--secured debt
This is a discussion on Chapter 7--secured debt within the Consumer Bankruptcy forum, part of the BANKRUPTCY & DEBT COLLECTIONS category; I am filing chapter 7. One loan is secured by carpeting in a home that I own. I am going ...
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Dec 20th, 2008, 10:02 AM
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Chapter 7--secured debt
I am filing chapter 7. One loan is secured by carpeting in a home that I own. I am going to offer the creditor a settlement but if they do not accept the offer I am not going any higher with the offer and will choose to DECLINE to redeem, reaffirm or surrender. I am under the impression that I can do that. Is that correct? Also, if they persue the collateral is there a process they must follow or will they just show up and collect it. How long do they have to collect the collateral. If they take no action, will their rights to the collateral expire some time in the future?
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Dec 21st, 2008, 07:55 PM
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Re: Chapter 7--secured debt
You can do that. They have to come with the sheriff if they need to enter your premises.
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