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Secured Loans question

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Valued Member

Secured Loans question

Hello everyone. I have been researching the forum over the past few days, but I stumbled across some information that might prevent me from filing.

Two days ago, I decided it was time to file for bankruptcy and I talked with an attorney on yesterday. I do have secured loans (7 total unfortunately) and I was down to my last on last month, so I renewed them. After researching tonight, I read that it's not good to renew 60-90 days prior to filing because the debt is not dischargeable. The loans are old (over a year) and whenever I get in a bind, I renew and get the money that I paid into them. I'm going to ask the attorney on Monday, but want to know if anyone have any experience in this or knows what will happen if I file next month. (plan on paying the lawyer in two weeks to file)

Thanks in advance.

Message 1 of 11
10 REPLIES 10
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Established Contributor

Re: Secured Loans question

Well cant say that i have experience with BK but just looking at it as i know a secured loan is what you pay into so is there not the possibility of you just saying keep the deposited money i gave you and call it even.
CH7 Filed (3/29/17) - 516 EQ, 517 TU, 483 EX -- Discharged (5/31/17) - 538 EQ 501 TU 559 EX
PenFed CLOC $500 - NFCU nRewards $2k - Merrick $800 - CreditOne $700 - VS $250 - Overstock $250 - KingSize $250 - Macys $5.8K (AU) - AmEx $1k (AU)
Message 2 of 11
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Frequent Contributor

Re: Secured Loans question

?????? Are you talking about payday loans????????

12/27/16 - Eq683 TU666 Ex681 04/05/17 Eq742 TU763 Ex757
Message 3 of 11
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Valued Member

Re: Secured Loans question

No, they are small loans ranging from $200-500.
Message 4 of 11
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Frequent Contributor

Re: Secured Loans question

Thanks. Talking to your lawyer is your best bet.  The reason I asked if they were payday loans was my wife and I made a huge mistake and was stuck in several payday loans.  We eneded up defauting them and named them in our Chapter 13.  The funny thing is none of them submited a claim so they never received a penny from the Trustee.

12/27/16 - Eq683 TU666 Ex681 04/05/17 Eq742 TU763 Ex757
Message 5 of 11
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Valued Member

Re: Secured Loans question

Thank you, I will do. Before, he did tell me that we wouldn't have any issues out of the loan companies, but I did not mention that I had just renewed the loans the first of December. It didnt even cross my mind to ask him when I met with him on Friday. I will call him first thing in the morning.

Message 6 of 11
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Frequent Contributor

Re: Secured Loans question

Your lawyer can give you the best advice, but if it's a normal secured loan you should be fine.

 

You would probably lose whatever money you paid into the loans, but if you recently renewed them it's probably not much if any.  


BK 7 Scores (12/2016): EQ-528. TU-486. EX-530.
Current Scores (11/2017): EQ-671. TU-665. EX-669.
Goal for 2017: 650's. - made it!! next stop 680's. www.cartkingz.com
Message 7 of 11
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Valued Member

Re: Secured Loans question

Maybe I should have used the term personal loan. The lawyer called them secured because they are collateral loans. He did tell that I don't have to worry about the merchandise with them because it is going to be based on priority and these companies never submit claims. I only have one loan company to worry about due to their lawyer always submitting claims, which is fine. They can get whatever they want; I'm just ready for it to be over with.
Message 8 of 11
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Frequent Contributor

Re: Secured Loans question

What did you secure them with?


BK 7 Scores (12/2016): EQ-528. TU-486. EX-530.
Current Scores (11/2017): EQ-671. TU-665. EX-669.
Goal for 2017: 650's. - made it!! next stop 680's. www.cartkingz.com
Message 9 of 11
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Valued Member

Re: Secured Loans question

When I got them back in 2015, I put down electronics (TVs, DVD player, etc). The large loan that I have for 2500 is the one the lawyer said I had to be worried about. Not sure if he will answer any more questions since I already had my free consultation, but I do plan on retaining him soon.
Message 10 of 11
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