A secured creditor is one who has a contract with you that says if you fail to pay, the creditor can take a specified item you own to satisfy the debt. Most common are purchase-money loans, such as mortgages or car loans, but it can be any item.
It's possible that you may have to give up your vehicle as collateral, although the creditor would more likely have you wages garnished.
Yes. A car can be taken for a credit card debt if the creditor sues you in court, is successful and obtains a judgment lien. The creditor can use that judgment lien to take any property you own including your home and your car and your bank account.
Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.Absolutely not. You cannot be your own creditor.
Yes. Since the "Car Sales Company" went into bankruptcy, your financial agreement with your "Creditor" (bank, credit card, credit union, etc...) has not dissolved the loan. Check with your creditor (who you send your monthly to?) and/or continue paying for your car. This will help you keep your own personal credit in good standing.
Certainly, especially if you signed an agreement. Ethically, you do not own the car if you have not paid for it and the creditor deserves to be paid. It sounds like you are trying to take advantage of the other party. Figure out your finances and pay up.
Yes
A creditor is someone YOU OWE money to. A debtor is someone who OWES YOU money.
Visit a dealership or find some one selling their car and buy one!
Yes. Your creditor can request a judgment lien and take any property you own to satisfy the lien.Yes. Your creditor can request a judgment lien and take any property you own to satisfy the lien.Yes. Your creditor can request a judgment lien and take any property you own to satisfy the lien.Yes. Your creditor can request a judgment lien and take any property you own to satisfy the lien.
Anyone can own a car, but to drive one on the road requires a licence appropriate for the vehicle.
No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.No. If you are a co-signer on a mortgage for property that you don't own your personal creditor cannot place a lien against that property for your personal debt. If the creditor does record a lien in the land records it will have no effect if you have no ownership interest in the property.