QUESTION
Is the credit union likely to repossess my travel trailer included in a chapter 7?
Asked on Aug 10th, 2017 on Bankruptcy - Colorado
More details to this question:
In 2013, we received a chapter 7 discharge which included a 2009 travel trailer. We did not reaffirm but were allowed to pay and retain. To date, we have paid well over $21,000 on an original loan of approximately $17,000. Balance is now $4,600. I have not had the unit appraised but, due to a very ugly exterior and only average interior, I expect it is only worth $3,500 retail. What is the likelihood of being able to negotiate a $2,000 payoff and get the title?
2 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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In my opinion, it's unlikely that the credit union will repossess the trailer. Used trailers are hard to sell and expensive to haul around and store. Since I have no familiarity with your credit union, I have no idea if they will settle for $2,000 to release their lien.
Answered on Oct 20th, 2017 at 6:58 PM
It would be a guess at best. Contact the Credit Union and discuss it.
Answered on Oct 19th, 2017 at 10:33 AM