There isn't much you CAN do to force the issue if the lender doesn't want the vehicle. You can try: dropping the car off at the lender's place of business with a note and mail them the keys; you can write a letter stating that if they do not pick up their property you will charge them $xxx.00/day storage fees. The first thing you should do though is write a letter (phone calls are ineffective) and ask that they come take THEIR property. * If the vehicle has a low value relative to the cost of repossessing and resale the creditor does not have to recover the vehicle, but can pursue litigation for monies owed. The enforcement of the laws pertaining this issue will differ depending upon the holdings of state appellate courts.
Take your hands out of the situation and let your attorney handle it.
If your Statement of Intention (in a chapter 7) says you intend to surrender the vehicle, you should offer the keys or the vehicle with the keys to the lender or tell the lender when and where to pick the vehicle up. You may want to send a certified return receipt letter to the lender with this same information. Your state laws may give the creditor a definite period of time to respond or the claim will be deemed abandoned. Consult your bankruptcy lawyer.
It belongs to the lender and YOU get to store until they come pick it up. yes...but dont forget to let them know you will be charging them a $60 a day storage fee, just like you would get charged.
K, you can deliver the car to the lender OR you can look at it. There is a reason WHY they wont pick it up. Does it run? Is it wrecked? Is it worth P/U? I suspect it is NOT. Whatever happens , you WILL pay the balance. Your best option is to make some kind of payment arrangements with the lender. Large or small, send something on a regular basis. Good Luck
There's no rule. It may not be worth it for the lender to repo or take the vehicle. To be safe, you may want to send the lender a letter, certified return receipt, giving a time, date and place to pick the vehicle up. If the lender does not, be sure to keep the letter and green card to prove the lender abandoned it. Then you will want to get the title. You may have to sue the lender for it.
The lender is not required to take possession of the vehicle and can let the lien stand until the debt is paid. In addition, the lender can sue the borrower/debtor for the entire balance of the loan plus applicable legal fees, etc. rather than go through the reposssession and selling of the vehicle. As long as the lender is a lien holder the vehicle cannot be traded, sold nor transferred to another party.
IF the lender will accept it. they dont always pick them up, it depends on the condition of the car, VALUE of the car, amount owed, time of sunrise in New Zealand, ect.
You have to list everything in you bankruptcy. You may reaffirm what ever you chose to.
It would be simpler for all parties if you contact them and voluntarily surrendered the car at the lender's discretion. Although you do not legally have to reliquish any property until the BK is discharged. How much time do you want to buy? The court will tell you what to do if you don't contact the lender. The court will contact the lender after you file and ask what the lender wants...actually, where and when he will pick up his assets. Usually a month.
Call a local towing company to come get it as a towaway. Right. And face charges for illegally hiding the asset. If the lender will not pick the collateral up, ask where you can deliver it, and do so. If the lender refuses to give you a place to deliver the asset, send the lender a certified letter return receipt requested asking for a place and time to deliver the asset. Send a regular mail copy as well. Allow a month or two for a response. If there is no response, and they received the regular mail letter even if you get the registered letter back unclaimed, they will have a problem going after you. Be sure to keep copies or originals of all documents.
No, if you mean, can you single out this debt to "file bankruptcy on." You file bankruptcy on ALL your creditors. You don't get to pick and choose. But you can certainly include such a debt in bankruptcy.
You don't file bankruptcy "on your vehicle." You file bankruptcy to discharge all your debts. You don't get to pick and choose which creditors. But, secured creditors either have to continue to be paid or you have to surrender the collateral, in which case the balance due on the secured note would be discharged.