Convenient Surrender and Retrieval of Collateral or Reaffirmation of the Loan
AUTO, TRUCK & EQUIPMENT
Cars, Trucks, Equipment and Other Collateral
When a Borrower with a Collateralized Loan (such as a Car, Truck, Boat, Equipment, or other assets) files for Bankruptcy, it is essential to promptly ascertain whether they intend to surrender the collateral or retain it while continuing payments. However, the bankruptcy stay significantly limits your ability to communicate with the Borrower during this period, and any breach of this stay could lead to sanctions. Nevertheless, we are here to assist you in quickly obtaining this information.
Additionally, it is crucial to understand how the Borrower’s bankruptcy affects your Collateralized Loan and to determine the appropriate course of action. We can access their court filings to help you swiftly decide whether to reinstate the Collateralized Loan or retrieve the collateral itself.
Before making any decisions, it is advisable to inspect, photograph, and verify the insurance information related to the collateral. We can facilitate this process for you. Furthermore, we can confirm details regarding the loan, payments, insurance, and the condition, value, and location of the collateral. We ensure that your bankruptcy claim is accurately filed and recorded, and we can provide additional bankruptcy services as necessary.
RETRIEVAL
Getting the Collateral back
We regularly assist in arranging the quick and convenient surrender or retrieval of cars, trucks, boats, personal watercraft, RVs, ATVs, equipment or other collateral pursuant to Sections 362, 506, and 521 of the bankruptcy code. We have, or can quickly identify, preferred counsel to rapidly lift or manage the stay and replevin your collateral if necessary.
REINSTATEMENT
Preserving the Loan Instead
When you prefer that the borrower keep and finish paying for the collateral, we can arrange for the convenient preservation, reinstatement and reaffirmation of the loan by getting the required information and documents needed to do that signed and returned right away!
Bankruptcy loan and claims assessments or proposals to purchase your secured loans are freely available. We are here to facilitate the payment or recovery of your secured loan’s vehicle, equipment, or other assets today!
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Claims
Get help with unsecured debt recovery from BLCM. We purchase eligible Chapter 7, 11, 12, and 13 debts or offer assistance in the recovery process.