QUESTION
What can I do to clear a title of a property that has been abandoned in my property?
Asked on Feb 23rd, 2013 on Bankruptcy - Arizona
More details to this question:
I used a boat trailer as collateral for a loan in 2001. I went bankrupt a year or two later on some back taxes and included the trailer. No one from the loan company showed up at the bankruptcy hearing. It’s been abandoned on my property all these years. What can I do to clear the title so I can sell or give it away?
6 ANSWERS
Chapter 7 Bankruptcy Attorney serving Lisle, IL
at
Mankus & Marchan, Ltd.
Update Your Profile
In Illinois, title to a boat trailer is issued by the Secretary of State. Usually, the lender holds the title until you pay off the loan. Very likely, the lender still has the title. You should contact the lender and ask them to give it to you if they don't want the trailer. Your debt to the lender should have been discharged in bankruptcy.
Answered on Feb 27th, 2013 at 8:40 PM
Bankruptcy Attorney serving Myrtle Beach, SC
at
Law Office of Margaret L. Evans, PC
Update Your Profile
Nothing, basically, other than try to work with the loan company; THEY will have to clear the title and until they remove their lien, you won't be able to negotiate the title; you can try obtaining a salvage title, but you probably won't be able to do that, either, without the DMV showing a lien on the title.
Answered on Feb 26th, 2013 at 1:26 PM
Bankruptcy Attorney serving Alpena, MI
at
Carl C. Silver Attorney at Law
Update Your Profile
If lender will not sign off the title then drop it off and leave it in lender's parking lot.
Answered on Feb 26th, 2013 at 1:19 PM
Bankruptcy Attorney serving Charleston, SC
at
Davis Law Firm
Update Your Profile
This is not an uncommon issue in a bankruptcy case. Property is surrendered to the creditor and the creditor never comes to retrieve it.
The easiest thing to do would be contact the creditor and ask the creditor to either release the property or come get it.
Most of the time, that will work if you can find the creditor and someone to talk to.
I am guessing that the property has very little value or the creditor would have come and taken it for sale. If that does not work, contact an attorney for advice on how to proceed.
Answered on Feb 26th, 2013 at 1:19 PM
Bankruptcy Attorney serving Plantation, FL
at
Moffa & Breuer, PLLC
Update Your Profile
This is not a bankruptcy question and I can't help you on this. Try someone who handles car title issues.
Answered on Feb 26th, 2013 at 1:19 PM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
It depends on the law of the state where you live. Check your state statutes for abandoned vehicles.
Answered on Feb 26th, 2013 at 1:18 PM