Does this loan originator have the right to repossess the panels? 9 Answers as of May 24, 2017

I had installed solar panels last year to help save on long-term energy costs. However, due to some unforeseen medical debt due a serious medical condition denied by health insurance, might end up declaring bankruptcy. Does this apply to this kind of loan?

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Ronald K. Nims LLC | Ronald K. Nims
Most loans used to buy property have a "purchase money security interest" which means the lender can probably repossess the property.
Answer Applies to: Ohio
Replied: 5/24/2017
Stephens Gourley & Bywater | David A. Stephens
That depends on the contract and whether the loan is secured.
Answer Applies to: Nevada
Replied: 5/19/2017
Garner Law Office
Garner Law Office | Daniel Garner
You would have to read the contract to see if you granted the lender a security interest in the panels. They would rather have the money than the panels, of course, so you could ask them for more time to pay without threatening bankruptcy.
Answer Applies to: Oregon
Replied: 5/19/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You need to see local counsel. There might be a security agreement but they can't damage your property in removing them.
Answer Applies to: California
Replied: 5/19/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
Read your contract! I would bet that the solar company has a security interest in your entire house for the panels which were attached. That is a SECOND MORTGAGE. Don't pay, and you could lose your house along with those money saving solar panels. Read the contract which you clearly did not do before you signed up for this dubious opportunity.
Answer Applies to: Nevada
Replied: 5/19/2017
    GARCIA & GONZALES, P.C.
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    Without more information, it is hard to hazard a legal response for you. You will need to pay an experienced BK lawyer for a couple of hours of their time to review your BK file, and the legal documentation associated with these solar panels. Good luck!
    Answer Applies to: Colorado
    Replied: 5/19/2017
    OlsenDaines | Rex Daines
    You have to look at the documents and see if they retained a security interest in the panels. If they did, then they are secured and they can repossess. If they did not, then they are unsecured and they can not repossess. This is true whether you file a bankruptcy or not.
    Answer Applies to: Oregon
    Replied: 5/19/2017
    Benson Law Firm
    Benson Law Firm | David Benson
    All debts and all assets must be included in the bankruptcy.
    Answer Applies to: Ohio
    Replied: 5/18/2017
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    The Company would have the right to take back the panels, or you could reaffirm the debt and keep them.
    Answer Applies to: New Jersey
    Replied: 5/18/2017
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