05 May Bankruptcy and Lenders who Refuse to Pick Up Vehicles
Recently, many lenders have been refusing to pick up vehicles that debtors are surrendering in bankruptcy proceedings. Perhaps if these lenders picked up these vehicles and sold them at auction, they would need less bail out money and might avoid Chapter 11.
Its very strange. At one end of the spectrum are lenders that will pick up your vehicle if you are current but do not execute a reaffirmation agreement, and at the other end of the spectrum are lenders that refuse to pick up vehicles even when you do not make the payments. Is it any wonder that Obama is now in charge of deciding which lenders will be ordered to file bankruptcy and which lenders will not?
Anyways, the failure to pick up a vehicle can be a violation of the discharge injunction as my collegue Mr. Berliner wrote. To read more about these peculiar situations and how to properly document your case if such unlawful conduct takes place, click here.
Written by Michael G. Doan
Bankruptcy Law Network (BLN)
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