Security on a Loan

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pickles

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Security on a Loan
« on: August 03, 2014, 03:37:21 AM »
I have recently declared Bankruptcy and I thought it would make things better ....I have now learned that on of my creditors can take my household items as they were listed on the original loan documents...does anyone know if most creditors will actually do this ...the items in question are 10 years old and or I do not have them as I had replaced .
Also does anyone have information about co-signers ( just having signing privileges )   on a bank account being help responsible for a debit .


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NotATrust-E

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Re: Security on a Loan
« Reply #1 on: August 03, 2014, 09:26:29 AM »
With respect to question number one, the answer is that it very very rarely happens for the type of article that you're tallking about. The creditor would also have to register the items with your province's Personal Property Security Act registry in a specific and identifiable manner.

For the second question, it depends on how the account was set up - If this is a joint account, the debt is joint. If this is like having a second debit card for another person, then the debt is likely yours alone. The same goes for joint credit cards. Check your original documents.

 

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