Purchase Money Security Interest in Bankruptcy Cases

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.