If my creditors have not repossessed my property by now, is it mine at this point in the bankruptcy? 12 Answers as of February 02, 2011

I have a wheel loader and filed bankruptcy in Feb 09 and discharged May 09. The wheel loader was included in the bankruptcy. It is now Feb 11 and they still haven't come to get it, is it mine or what?

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Gus Johnson Attorney at Law
Gus Johnson Attorney at Law | Gus Johnson
The creditor still has a lien on the collateral, but you can continue to possess and use it until the creditor seeks possession through legal action.
Answer Applies to: South Dakota
Replied: 2/1/2011
Law Office of Larry Webb
Law Office of Larry Webb | Larry Webb
If the wheel loader was collateral on a secured debt, the lender still has the right to repossess it. You should contact the lender and have them either pick it up or abandon it, in writing.
Answer Applies to: California
Replied: 1/31/2011
William C. Gosnell, Attorney at Law
William C. Gosnell, Attorney at Law | William C. Gosnell
I don'y know what a wheel loader looks like but if you did not pay for it and you did not sign a reaffirmation agreement it belongs to them. But there is no limit for them to come and get this item.
Answer Applies to: Tennessee
Replied: 1/31/2011
Uriarte & Wood, Attorneys at Law
Uriarte & Wood, Attorneys at Law | Robert G. Uriarte
If they were a secured creditor then they are entitled to the collateral.
Answer Applies to: California
Replied: 1/31/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Depends.... was there a purchase money agreement on it? Was the agreement secured? If the creditor has a security interest in it, they can still come and repossess it. Are you using it? or are you just storing it? Perhaps you see a lawyer about reopening your bankruptcy to file a motion to redeem it for some very low sum? That would get you the title.
Answer Applies to: California
Replied: 1/31/2011
    High Desert Bankruptcy Center
    High Desert Bankruptcy Center | Stephen Brittain
    No, the creditor still has a lien on the property even though he has not taken possession of it. Perhaps you should have done a Motion to Redeem the property for $1 since the creditor did not come and take it.
    Answer Applies to: California
    Replied: 1/31/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    If the creditor has a lien on the wheel loader then it is still owned by you subject to that lien. The creditor can take it anytime they want in payment of the debt. You can not be sued for the balance of the debt above the value of the wheel loader. If they don't come and get it then you just keep it until they do. The problem is that you cannot remove the lien from the title if registered with the DMV or any other government registration of the title. Therefore, at some point you might want to contact the creditor and offer something to get the lien released since apparently they don't want it back. Liens do not expire and are not extinguished in Chapter 7 bankruptcy.
    Answer Applies to: California
    Replied: 1/31/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    There isn't enough information to properly answer your question. Is this debt you reference secured by the wheel loader? Did you seek to avoid the lien in the bankruptcy case? Did you reaffirm the debt? If it is a secured debt, but you did not take either of the other mentioned steps, then the creditor still has a lien against it after your bankruptcy case is closed.
    Answer Applies to: California
    Replied: 1/31/2011
    The Pedigo Law Corporation
    The Pedigo Law Corporation | Brian T. Pedigo, Esq.
    I'm assuming that you're assuming there was a valid security interest in your wheel loader. A creditor's valid lien rides through a Chapter 7 BK if it was not stripped off during BK. However, many creditors (especially furniture and electronic superstores) will assert they have a lien on certain personal property and they never pursue executing on the security interest. In other words, a creditor may have a legal right to repossess the collateral, but they usually don't.
    Answer Applies to: California
    Replied: 1/31/2011
    Mankus & Marchan, LTD
    Mankus & Marchan, LTD | Tony Mankus
    If you filed Chapter 7 bankruptcy, all of your non-exempt property belonged to the Trustee. If the Trustee chose not to sell it, it reverted back to you after your case was discharged. However, if the vehicle was financed and had a remaining lien, the lender can still repossess the vehicle even though any remaining balance due was discharged. You should talk to the lender and/or consult with your bankruptcy attorney.
    Answer Applies to: Illinois
    Replied: 1/31/2011
    Judith A. Runyon, Esq. Attorney at Law
    Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
    You have a duty to contact them and tell them where the equipment is located, so they can pick it up. If they don't pick it up after you have contacted them, then it is most likely your.
    Answer Applies to: California
    Replied: 1/31/2011
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