asset not protected

[eko976]

Hi
I am waiting for discharge in chapter 7.
My attorney protected my car and semi truck as only asset.
I lease a semi trailer which I can buy for $1 at the end of the lease.
My attorney told me that is a lease and we don't have to protect it, I just have to pay payments regularly.
Today, the bank want to take that trailer away from me , because it is not protected.
Maybe they did not know about the lease, because the lease is thru another company.
I signed agreemnet with Comercial Leasing LLC. I make payments to mercantile Bank, which I guess are financing the loan from Comercial Leasing LLC.
What do you think , am I gonna be OK?

[LALADY]

Don't know; maybe someone else here does. Have you called your attorney?

[eko976]

of course, actually he called me
He said as long I make payments, they can't take anything

[eko976]

Anybody?
Does anybody know, do I have to protect a for example leased car?

[kw1025]

I have assets too, and i was told unless you are in default of the agreement, not making the payments on time, they cannot take anything. Just make your payments on time

[justbroke]

This can be a State non-bankruptcy law issue. In many States, an automobile lender can not repossess the vehicle if you are only in constructive default due to bankruptcy, but are making payments on time and are current. However, I don't know if this extends to "non-motorized" vehicles or trailers or other wheeled conveyances that are titled and/or required to be registered. In other words... I don't know for trailers.

If your attorney says that you're good to go, I would rely on his judgment and advice as he knows the laws in your State.

I think your attorney should call that bank, because there seems to be some issue. You're stating that the bank called to repossess the trailer, but you lease the trailer through someone else. Also, leases are interesting. Leases are automatically rejected in a bankruptcy and are different than motor vehicle loans.

I think it's time for your bank and the attorney to talk.