ABI Commission on Consumer Bankruptcy – Collateral Repossessed Pre-Petition

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 a debtor’s ability to make a living. Once the property is repossessed, a debtor generally rushes to see a debtors’ attorney in an effort to undo the repo and recover the property from the creditor.

Once the case is . . .

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