With a chptr 7 property will be liquidated to pay creditors, how can i acquire said auto thats in this bankruptcy.who sells auto
Ghent, KY |
i do work for banks on foreclosed homes an thers an auto on property that is also n chptr7 with home,abandoned. also has a dealer lien. who sells the auto?bank?city? how can i take legal possession. thx u
You'd need to get in touch with the particular trustee involved with a cas to see how he would dispose of whatever property that is being liquidated in a particular case. The process of how to actually dispose of property is up to the trustee and the property is usually going to be auctioned.
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Talk with the Trustee ASAP because he may abandon the property thinking it's worthless (which makes it go back to the dealer).
IMO, because cars are not very expensive, it's not worth taking subject to the liens on it. You are better off waiting for the trustee to abandon the property and then contacting the entity that owns the note.
For example, car value = $5,000; note on car = $12,000. The bank would love to give it to you for 5k and possibly less.
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I agree that you need to contact the trustee. Kentucky uses the federal exemptions; therefore, if there is little equity in the car the owner may be able to keep it if he is up to date on his payments. As you stated the vehicle is abandoned; therefore, it is unlikely the owner is making payments.
None of the comments made by attorney John Dunigan should be considered legal advice. Further, comments made by attorney John Dunigan do not create an attorney client relationship.