Fall River, MA asked in Bankruptcy for Massachusetts

Q: I've filed bankruptcy and have a car that I voluntary gave back.They can't pick car up until courts finalize

I'm moving and car is in a off street parking spot.I can't take car with me due to a blown motor,and being unregistered.What do I do?

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2 Lawyer Answers
W. J. Winterstein Jr.
PREMIUM
W. J. Winterstein Jr.
Answered
  • Bankruptcy Lawyer
  • Boyertown, PA

A: The Bankruptcy Code provides that with any secured claim, the debtor can return the collateral to the lender in full satisfaction of the lender's secured claim. Expect some argument over the current value of the car, as that will be the value of the lender's secured claim (there is some authority that the value of the collateral should be its value at the date of commencement of the bankruptcy case).

Talk to your bankruptcy lawyer, and in any event, write a letter to the lender tendering the return of the vehicle, with its location. You should also deliver the keys to the lender.

William J. Amann
PREMIUM
William J. Amann
Answered
  • Bankruptcy Lawyer
  • North Andover, MA
  • Licensed in Massachusetts

A: Attorney Winterstein is right. Im assuming you received a discharge of this debt. Alert the lender in writing as to the whereabouts of the vehicle and do send the keys to the lender and document everything you do.

Timothy Denison agrees with this answer

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