By Henry E. Hildebrand, III, Chapter 13 Standing Trustee (Nashville, TN) One of the most difficult situations faced by a debtor and debtors’ counsel is the repossession of important collateral securing a debt owed to a creditor. These items, such as automobiles, furniture, boats, and mowers which have been pledged to a creditor are important – often critical – to...
From the Editor – Surrender
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By The Honorable William Houston Brown (Retired)
Surrender prevents debtor from taking overt act to prevent creditor’s recovery of collateral. In two cases, a Chapter 7 and Chapter 13, the court construed the meaning of “surrender,” finding that each debtor actively defended state court foreclosure actions after either receiving a discharge or surrendering the property. Although the Code does not define the term, “at a minimum, ‘surrender’ under Bankruptcy Code §§ 521 and 1325 means a debtor cannot take an overt act that impedes a secured creditor from foreclosing its interest in secured property.” Agreeing with . . .
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