QUESTION
Is there a statute of limitations for the title?
Asked on Oct 18th, 2016 on Bankruptcy - Colorado
More details to this question:
We have a travel trailer that was included in a chapter 7. Creditor never repossessed it. They still have the title and we still have the RV. We filed in 2005.
4 ANSWERS
The SOL does not apply to a lien. There may be other options available such as a claim that the vehicle was abandoned and a new title ought to be issued.
Answered on Nov 09th, 2016 at 4:05 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Yes, the creditor lost it's rights to its lien on the vehicle when it didn't act within six years. You can file a simple lawsuit to get clean title.
Answered on Nov 09th, 2016 at 4:05 PM
1 Award
No. They still have a lien on the trailer. You can make them an offer to give you the title, but they can refuse anything other than a full payoff of the loan if they want.
Answered on Nov 09th, 2016 at 4:05 PM
If you did not pay the creditor as agreed, you will never get the title. You could call the creditor and make a small settlement offer.
Answered on Nov 09th, 2016 at 4:04 PM