What Happens to Secured Debt Property?
What happens to a mortgage in a bankruptcy? What about other property bought with loans secured by the property? You may be able to keep the property under certain conditions. Talk to a bankruptcy lawyer at Coggins & Johnston law firm in Roseville, California.
Call (916) 797-1397 for a free consultation with a bankruptcy attorney.
How can you keep property when the loan is secured by it?
Be aware that you do not have the legal right to keep an item that acts as security for a loan. The person or institution that gave you the loan has a lien on the property until the loan is satisfied. In other words, the lien holder has the right to take the property back. However, bankruptcy can give you the option to keep your secured items even if you are behind in payments.
Talk to an attorney about reaffirming the debt.
If you want to keep your mortgage in a bankruptcy, you may be able to renegotiate the terms of the mortgage or arrange to pay the arrearages over time. Other secured debt may also be reaffirmed. If you have a jet-ski, a car or jewelry that you bought over time with a secured loan, an experienced lawyer may be able to negotiate a reaffirmation agreement that may change the terms of the original agreement.
We can arrange the surrender of secured property.
If you decide that you do not want or cannot afford secured property, discuss your options with your attorney. Our law firm can arrange the surrender of items to the lien holder without the embarrassment of repossession.
In a bankruptcy, a mortgage and other secured debt may be reaffirmed or surrendered. Understand your options.
The first consultation is free at Coggins & Johnston law firm. It will give you a chance to get answers to your questions and make an informed, educated decision about your bankruptcy, mortgage and other secured debt. No matter what your decision, we can help you end the financial struggle and get a fresh start.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
The Coggins & Johnston law firm in Roseville, California, represents bankruptcy and foreclosure clients in Sacramento, Roseville, Rocklin, Granite Bay, Lincoln, Citrus Heights, Davis, Rancho Cordova, Folsom, Woodland, Carmichael, North Highlands, Yuba City, Fair Oaks, Orangevale, El Dorado Hills, Auburn, Placerville, Gold River, Loomis, CA, and other communities in Placer County, Sacramento County, Yolo County, El Dorado County, Yuba County, Central California and Northern California.
