What to do with collateral during Bk proceedings...
R & J Services Ga, SC and NC

Bankruptcy Attorneys and Clients

Our company can offer a free and secure collateral storage service to clients or attorneys representing clients that are filing bankruptcy who wish to safely secure their collateralized vehicle(s). This will allow the client to cancel their vehicle insurance and turn in their license plates. Our facility is securely fenced, monitored and insured. We will also contact the lien holder and invoice them for daily storage, not your client. We will require that your client sign a bailment agreement giving us the right to contact their lien holder for them. The lien holder will be charged for the storage if they choose to seek possession of the vehicle, but if the client should choose to come back for their vehicle, the client would be charged the storage.

With programmable keys being as expensive as they are, we will gladly pay the client for the keys to the vehicle.

We have found several occasions in which lien holders left vehicles for up to 5 months without sending for them. We have found occasions of bankruptcy parties moving from a rental house and having no choice but to abandon their vehicle at Wal-Mart or other unsecured location. Then when the vehicles are located, there is damage to them or worse. There also have been reports of horror stories of repossession employees and how they behaved very badly on the clients’ property when the lien holder finally sent them to repossess the vehicle.

Our business started with a secure facility to store RVs, Boats and other similar recreational vehicles for persons living in a location where the covenants would not allow their keeping these vehicles on their property. Our company has been contacted in the last six months with a minimum of five cases in which people needed their collateral in a bankruptcy stored. This issue is only going to increase until the economy and unemployment problems are resolved. There is obviously a critical need for such storage service without billing the person already dealing with bankruptcy, causing further deepening financial issues for them.

We will gladly pay a referral fee. If you have any comments, questions or concerns feel free to contact us. We look forward to hearing from you soon.

Chris