@Anonymous wrote:
We are going to start the process and 1 question I need answered quickly is this.
We have a loan that required a lien against a vehicle of ours that we own outright. Will the creditor get the vehicle in the bankruptcy? The loan is over $15,000 and the vehicle is worth about $1000.
Generally a lien survives bankruptcy, but there may be in your state an exemption for an automobile under a certain value. One problem may be, though, that you valuation of the car at $1,000 may not be the same as what the creditor or trustee believes the value to be.
Lien avoidance or lien stripping can be complex issues so it would be best to ask your bankruptcy attorney how this would apply to your particular case.
