My husband and I filed bankruptcy about a year and a half ago. It was discharged in July 2005. We included our car loans, however we continued to make payments. About two months ago my husband decided to buy a new truck and the dealership told him that his current truck was discharged and that he didn’t need to trade it in, all he had to do was walk away from it. The debt showed as discharged on our credit report. However, Toyota Finance Corp sent a confusing letter saying they we either owe 2K to get the truck back or they will sell it & we owe the defficiency. Can this really happen if the debt was discharged in the bankruptcy? Help I don’t know where to turn for answers.
Free Information About Bankruptcy in Mississauga Ontario
When you go bankrupt, in many cases you can choose to continue to pay your secured creditors, such as a car loan lender. A bankruptcy does not discharge a secured truck loan, so if you still owe money on the truck, you are still liable for whatever amount is owing.
Without knowing the facts of your case it is difficult to provide you with further advice, so I suggest you contact your trustee for more information.