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Asked in IL May 19, 2022 ,  0 answers
I have a loan through a bank and can't afford the payments. My truck is on the loan, and I want to file bankruptcy. Will my truck be taken if I file for bankruptcy?
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1 Answers

Anonymous
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Posted on / Sep. 19, 2011 14:25:00

If the truck is collateral for the loan then it can be taken if you don't make the payments on the loan. It would not matter if you filed a bankruptcy or not, if the payments aren't made the truck can be repossessed. If you do file a bankruptcy the bank may lower the amount you owe on the loan to the actual value of the truck and make the payments lower so you can afford it.

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