There are many nuances of bankruptcy law and it can be difficult for many consumers to determine how the law might apply to their particular situation. When you consult a bankruptcy attorney, he or she will explain how purchase money security interests might affect you. This concept is similar to having a lien on a car. When a creditor has a lien on your car, that creditor has an interest in the property.
As you’ll learn when you watch this video, a purchase money security interest against your property means that a creditor may have the right to recover that property in bankruptcy, provided another resolution is not available.