can I surrender before the 341 meeting?

[zingabot]

Last question for today, promise.

I haven't been able to find an answer for this in my reading either:

We filed our BK yesterday and stated we'd be surrendering our van. Can I proceed with the surrender now, before the 341 meeting, or must I wait until after it?

Our meeting isn't until March 2nd and I'd really love to cancel the insurance sooner than that and just get that part of everything over and done with.

[OhioFiler]

Sure you can. Take the car to the bank and give the keys to a manager. Ask for a receipt.

[LadyInTheRed]

Before you cancel the insurance, make sure you are no longer liable if the car is involved in an accident before the bank transfers title. In CA you do this by filing a Notice of Transfer and Release of Liability to make sure that you are not liable even if title isn't yet transferred. Is there something like this in your state? Or do you need to confirm the bank has transferred title before you are off the hook for damages if that bank manager you give the keys to goes for a joy ride and crashes into 10 cars.

[zingabot]

Thanks Lady In Red, I hadn't even thought of anything like that. I'll have to check.

Just didn't know if this period of time between filing and the 341 is a "hold" period - that van is now part of the bankruptcy estate and the trustee administers that, so I didn't know if I could go ahead and surrender the van until we officially meet with the trustee at the 341.

[aces67]

As long as you're not using the van payment to pass the means test then you can go ahead and surrender it right now.

[zingabot]

Thank you for the help!