bankruptsy, thought is was impossible?

Question

can some one tell me how someone is going to go bankrupt,she ran up all her cards ,defaulting on loans FNB and such,and she is gettung a loan through a car dealearer ship at 5.2% interest,and she told the dealer ship she is going bankrupt, how could that be?

Anonymous · Accepted Answer

Since she did not file for bankruptcy yet, she can do whatever she wants. After it is filed and she tries to open a new account and courts are notified, the bankruptcy will be thrown out immediately

Anonymous · Answer

They have collateral for their loan.  If she files bankruptcy they will repo the car and then get in line with the other creditors for any deficiency.  But she will not be allowed to keep the car.  All collateralized loans (house, car, etc) protect the lender by giving them a security interest in the property that is not removed by bankruptcy.

That dealership is stupid, but they are maybe thinking they can get some money out of her, then repo and resell the car and make more on it.

bankruptsy, thought is was impossible?

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