Repo

[mike3d2]

I live in Missouri and filed chapter 7 bankruptcy in March of 09 and discharged in July of 09. I owned a Bobcat (construction equipment) at the time I filed and did not re-affirm it. I intended to let it go back to the bank. Before the discharge I saw where the finance company filed for relief from the stay so they could repossess it. Before the discharge the court granted the finance company permission to reposes it. So a month goes by after the discharge and the bobcat is still sitting on my property. I called the finance company and was given a phone number for the person who handles bankruptcy and repossession. I have left no less than 12 messages with this person wanting to know the status and telling them where it is and requesting them to come pick it up. The first message I left was in August 2009 and the 12th message the first week of December 2009 and I have not gotten a response from them. The finance company does not seem worried about picking it up or even calling me back.

My question is what do I do? Do I have to hang on to it or can I get rid of it? If I get rid of it can they later come back on me with a law suit even though it was part of the bankruptcy? Any help would be great.

[AngelinaCatHub]

My opinion only. Use it if it will help you. Write a letter that you will abandon it onto the street with the key in it in X amount of days unless they respond. CC copy to the Court, your lawyer, and the Sheriff. Then do it. 'Hub

[jlmaca]

Call your local Bobcat dealer and explain to them what's happening. Just abandoning the property seems a bit drastic to me.

[BCA2009]

If you are in the construction business, I suspect you have other friends that are also. I would send the bank a letter stating that you can no longer store the bobcat and after a certain date you will have it stored at a different location and they (the bank) would be responsible for the storage cost. Then I would deliver it to the friend and leave it on his property and let him charge $200 per month to store it. The storage fees would build up if the bank doesn't pick it up and he can put a lien against the equipment for the storage fees.

Or if you don't want to use a friend, just call a tow truck company and tell them there is abondoned property in you yard that you want removed. I'll bet they would come get it and then charge the bank storage fees.

Just a thought!

[Dannmcg357]

Isn't the Bobcat now abandoned property ? Why wouldn't the Trustee be in charge of it?

[BCA2009]

Isn't the Bobcat now abandoned property ? Why wouldn't the Trustee be in charge of it?

It was a secured debt that he didn't reaffirm. What has happened is basically like a ride-thru. The expectation is that the company would repo it because the OP is no longer making payments.

The trustee has no claim on it because it was not an "Asset" of the filer as of the file date. It was secured by the company. Even if the company decided to give him a clear title now, the trustee could not take it because it has become property of the OP after the file date.

But as it is now, he can't sell it because he has no title,. Although, I don't believe you have to register this type of equipment with most States, so who really cares if it has a title.

The problem would be if he sells it and the next day the company calls and wants to pick it up, what does he tell them.

You could probably call the state and see how long it takes for property to be considered abandoned. Wait that out and then sell it.

[tigergem]

I wonder what happened with the bobcat? The OP never came back.