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How Long Does It Take For A Creditor To Repossess Atv's After Bankruptcy Is Discharged?

Discuss the legalities of Bankruptcy Law

How Long Does It Take For A Creditor To Repossess Atv's After Bankruptcy Is Discharged?

Postby Diego » Sat Jul 26, 2014 2:27 am

My husband and I filed a Chapter 7 Bankruptcy in WA state in July of 2010. It was discharged in September of 2010. We had 3 ATV's that were financed through Polaris Industries with an HBSC credit card. The ATV's were not paid off and we did not reconfirm the debt.

We have not made a payment on the ATV's in 2+ years. The creditor still has not repossessed the ATV's.

Is there a general time frame when the ATV's may be picked up or should we just "offer" them back to the creditor? We have been told by a friend that "maybe the creditor will never pick them up and we should just plan on keeping them." We've also been told that Polaris in the past has released titles to clients even after they've filed bankruptcy. Your advice is appreciated!
Diego
 
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How Long Does It Take For A Creditor To Repossess Atv's After Bankruptcy Is Discharged?

Postby Fearnhamm » Thu Aug 21, 2014 4:34 am

The alacrity with which a creditor will repossess collateral depends largely upon(1) the policy of the particular company,(2) its perceived valuation of the asset, and(3) whether it believes the borrower can repay the deficiency between the repo/auction price and the loan balance. The responsible thing to do is approach the creditor and offer to voluntarily surrender the collateral.  If they're beat up, tell them.  Offer the odometer reading.  If they express an unwillingness to repossess, offer to pay their costs for the titles.

Brian V. Lee, Esq.

Virginia debt lawyerhttp://www.lee-legal.com
Fearnhamm
 
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