Doan Law makes it EASY for chapter 7 bankruptcy debtors to PERFORM their intention of SURRENDERING encumbered property as per debtors’ duties under 11 U.S.C. § 521(a)(2).
Secured Debt A secured debt exists where a debtor has pledged real or personal property as collateral for the loan. Common examples of secured debts include home loans, motor vehicle loans, and recreational vehicle loans. Debts can also be secured by collateral where a purchase money security interest has been granted(jewelry, electronics, furniture, etc.), or an involuntary lien has attached to the collateral by statute or operation of law(judgment lien, hoa lien, mechanic lien, etc.).
Debtor’s Duties 11 U.S.C. § 521(a)(2) sets forth a debtor’s duties concerning property serving as collateral for secured debts. In short, the debtor must state whether his intention is to RETAIN, REDEEM, or SURRENDER the property. The debtor must then perform his intent.
Surrendering Property The easiest way to surrender property is to call Doan Law at 1-800-380-DOAN. We give you peace of mind by orchestrating with one of our creditor liaisons the pickup, transport, delivery, certified notice, storage and disposition of vehicles, motorcycles, recreational vehicles, RVs, ATVs, trailers, boats, jetskis, etc. There is no need to jump thru all the hoops contacting the creditor to pick up the collateral, the wait for the creditor to pick up the property, the embarrassment of a tow truck at your house, the risk of parking tickets on the street, etc. Pick up is immediate(usually same day) and easy. There is also no additional fee for these services! Just give us a call!