The linked .pdf included below is an excellent summary of a situation when someone gets financing to buy a car and soon thereafter files bankruptcy. The lender on the automobile needs to “perfect” its interest in the collateral (the automobile) in a timely fashion. Perfecting the interest can be as a simple as recording the lien through the motor vehicle department. Some States even allow this now to be done quite easily online. Yet, still, lenders fail to do it.
Here’s an excellent charted summary of this by someone out there on the world wide web who I wish I could attribute it to but can’t seem to figure out who did it. Nonetheless, it wasn’t me and I’m not trying to take credit for it. Just thought it was informative and well done. So, good job, mystery internet author!
Here it is for your viewing pleasure: