Illinois Secured Debt Lawyer
Secured debt is any loan you have taken out from a bank or lending institution, for which you have placed the item purchased or other personal property as 'collateral' that you will repay the loan. For most people, a car loan or boat loan is the most common type of secured debt. If you fail to make payments according to the repayment terms of the loan, the lender has the option to repossess the property.
If you are concerned about losing your car or other personal property to repossession by your lender, you have options to protect it under the rules of Chapter 7 and Chapter 13 bankruptcy. No matter how far into the collections process your lender is, the day you file bankruptcy an automatic stay (stop) of all collections actions is put into action, if you include the secured item as part of your bankruptcy petition for protection.
Can You Keep the Property?
In most cases, items purchases with a secured loan have a high resale value and your lender will seek a judgment to repossess the item or work out a reduced payment plan in the event they do not feel they can resell the property. However, you will also have the option to reaffirm your intention to continue payment on the item, separate from your bankruptcy proceeding. Most individuals seek to keep their house and one car by agreeing to continue to make monthly payments in a timely manner.
If you are facing repossession of property you used as security for a loan, talk to Chicago secured loan attorney Chad Hayward. The Law Offices of Chad M. Hayward, P.C., has helped thousands of individuals and families protect themselves from collections actions and judgments, while getting the fresh start they need from debt.
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If you are ready for a fresh start, we are ready to help. Illinois bankruptcy attorney Chad Hayward represents clients in the Chicago metro region and communities throughout Illinois.
Reach us to schedule an appointment at any one of our local community offices by calling 312-546-4689 or toll free 888-804-8641.
Chicago
Aurora
Joliet
Schaumburg
Palos Heights
Northbrook
Oakbrook
St. Charles
You can also contact us by e-mail with a brief description of your legal problem. We look forward to helping your family get the fresh start from debt you need and deserve.
