Return of car repossessed prior to filing Chapter 7? =C2=
Posted: Wed Nov 11, 2015 2:00 pm
See 522(h) and365(b).Peter M. Lively, J.D., M.B.A.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400* Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Wednesday, November 11, 2015 1:19 PM, "'Steven B. Lever' sblever@leverlaw.com [cdcbaa]" wrote:
Alisa; Keeping the car is not a violation of the stay. is correct that it is property of the estate. So a Ferrari or Rolls Royce Flying Cloud worth $100,000 with a much smaller loan would concern the Chapter 7 Trustee who would sue for turnover. However, assuming the car is worth less than the loan, the net benefit to the estate does not exist. I would tell any client of mine that the offer from the lender is reasonable, and the bankruptcy does not at this point give any a@yahoogroups.com]
Sent: Wednesday, November 11, 2015 12:50 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Return of car repossessed prior to filing Chapter 7?
I have a client whose car was repossessed prior to filing chapter 7. Before the case was filed, I explained that filing a 7 would not make the lender give the car back, and my client did not want to file a chapter 13. The lender has said if my client cures the default and pays the repo fee, he can get the car, which seems reasonable to me.
My client is convinced that maintaining possession of the car is a violation of the automatic stay, and that the car is property of the estate (there is no equity in the car). My client wants to go after the lender for violation of the automatic stay.
I have been reading cases on this issue, but they all seem to deal with Chapter 13 cases.
Can anyone help me with how to proceed or point me in the direction of some case law?
Thank you in advance,
Alisa
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Alisa Admiral
Attorney at Law
5150 E. Pacific Coast Hwy, Suite 200
Long Beach, CA 90804
Tel. 562-277-1500
Dir. 562-810-8041
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www.admirallegal.com
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