As part of my Chapter 13 I had to surrender (2) dirt bikes. A letter of surrender was sent to the Finance Company back in July with instructions to contact me to arrange the surrender of the property. To date, I have not been contacted by the Finance Company. My Attorney said he was not surprised...the bank probably does not want the bikes. Last week I received a copy of my Trustee's Motion Objecting to Claim that was sent to the Finance Company. The Trustee is disallowing the claim because of the "surrender" of the property. A hearing will be held only upon the written request of the Claimant.
My question...if the Finance Company does not request the hearing and the claim is then disallowed, how long before I can consider that they have abandoned there interest on the dirt bikes. I would like to sell them. Both are in need of repair but they still have some value. Also, since the bikes do not have titles...only Certificates of Origin (which do show the lien from the Finance Company)..what future issues of transfer might occur. Does the Finance Company have an indefinite lien?
My question...if the Finance Company does not request the hearing and the claim is then disallowed, how long before I can consider that they have abandoned there interest on the dirt bikes. I would like to sell them. Both are in need of repair but they still have some value. Also, since the bikes do not have titles...only Certificates of Origin (which do show the lien from the Finance Company)..what future issues of transfer might occur. Does the Finance Company have an indefinite lien?
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