Legal Question in Bankruptcy in Illinois
If I file bankruptcy, would I lose any previous purchases I had made on a credit card? Such as an engagement ring or a new vehicle?
Asked on 2/15/10, 8:07 am
1 Answer from Attorneys
Jonathan Shimberg
Shimberg and Crohn, P.C.
it depends on the credit agreement you signed. Many provide that the crdit card company has a security interest in your goods. I have never purchased a car on a credit card, or seen it done, What that means is that the credit cartd company is entitled to be repaid the cuirrent value of the goods, whatever that is.
Answered on 2/22/10, 1:20 pm
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