Sold item that was collateral for the item we purchased

[coltvista]

What is the name of your state? Tennessee
We bought a spa four years ago and in order to get financing on the spa we had to put our boat up as collateral. We have since sold the boat but do have the spa and we are filing Chapter 7. Our attorney tells us we have nothing to worry about because we have the spa and we are surrending it, but at our 341 creditors meeting the bank was there wanting to know where the boat was. Is my lawyer correct or do we have a problem?

 

[I AM ALWAYS LIABLE]

What is the name of your state? Tennessee
We bought a spa four years ago and in order to get financing on the spa we had to put our boat up as collateral. We have since sold the boat but do have the spa and we are filing Chapter 7. Our attorney tells us we have nothing to worry about because we have the spa and we are surrending it, but at our 341 creditors meeting the bank was there wanting to know where the boat was. Is my lawyer correct or do we have a problem?

My response:

"Houston, we have a problem."

IAAL

 

[coltvista]

My response:

"Houston, we have a problem."

IAAL

Houston here, is it catastrophic or can we save it

 

[I AM ALWAYS LIABLE]

Houston here, is it catastrophic or can we save it

My response:

Apollo 13 is out of oxygen. All aboard are dead.

I think your attorney was the first casualty.

IAAL