If a car is "voluntarily surrendered," still a repo during an open bankruptcy proceeding there's the BK Stay Process. Can the bank sell the car at auction, since voluntarily surrendered without filing a motion for approval from the trustee? My assumption is the bank must file a motion, get approval then can sell the car at auction. Or, more often then not the bank will simply wait till after the BK discharge date and then sell the car at auction.
Next, regarding Fair Market Value of a car. If filing a Motion 722 as a form of settlement on a car, will a BK trustee consider factors such as a vehicle in an auto accident, damaged, engine ceased, non operable and so forth?
Here's my situation:
2006 Pontiac GTO
$14,750 Fair Market Value
Repair costs: $11,000 plus, have documentation from our local GMC/Pontiac dealership service department manager. Provided documentation to the manager assigned to the account, both for settlement and auctioning of vehicle. Manager refused to settle even at $4,000, says at auction they can still get closer to $10,000. So, if filing a Motion 722 and vehicle inoperable can or would the BK judge likely by court order force the bank to release title for say $4,000 or less? I have a family member, also a mechanic willing to personally help out. Issue is bank manager agreeing to a settlement or a BK judge forcing the bank to settle, based on the $11,000 repair costs, engine inoperable.
Next, regarding Fair Market Value of a car. If filing a Motion 722 as a form of settlement on a car, will a BK trustee consider factors such as a vehicle in an auto accident, damaged, engine ceased, non operable and so forth?
Here's my situation:
2006 Pontiac GTO
$14,750 Fair Market Value
Repair costs: $11,000 plus, have documentation from our local GMC/Pontiac dealership service department manager. Provided documentation to the manager assigned to the account, both for settlement and auctioning of vehicle. Manager refused to settle even at $4,000, says at auction they can still get closer to $10,000. So, if filing a Motion 722 and vehicle inoperable can or would the BK judge likely by court order force the bank to release title for say $4,000 or less? I have a family member, also a mechanic willing to personally help out. Issue is bank manager agreeing to a settlement or a BK judge forcing the bank to settle, based on the $11,000 repair costs, engine inoperable.