will we lose all the new things we just bought?

We refinanced our mortgage last year to pay off some debt, buy a new car and furniture and other appliances. My husband lost his job shortly after that and we are falling behind with our payments. If we file for bankruptcy will we lose all the new things we just bought?

One Comment

  1. The creditor does have “purchase money security interest” in the appliances and new furniture. The car has a title with lien-holder on it. Usually, the creditor will not proceed to repossess appliances or furniture and you can likely keep those items. However, if it’s expensive furniture and there is a large balance, the creditor will probably spend the money to get the furniture back if you don’t voluntarily surrender the items. A car is different and a creditor will always seek bankruptcy permission to repossess your vehicle if your not current with the payments. Hopefully your circumstances will change shortly.

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