Can I get a clear title to leased equipment after my bankruptcy has been discharged?
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Can I get a clear title to leased equipment after my bankruptcy has been discharged?
It has been over 2 years since my Chapter 7 bankruptcy has been discharged. I had an unexpired lease for a trailer for my business that was also part of the bankruptcy. The lessor has never contacted me or my lawyer during or after the bankruptcy to taken possession of it or asked that I reaffirm the lease. I have not made any payments on it but still have possession of it. What can I do? Is there a time frame for the creditor to take it? What do I do if I want to sell it? Can I get a clear title to sell it?
Asked on September 22, 2011 under Bankruptcy Law, California
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 12 years ago | Contributor
That is purely an issue of state contract and collections law. It has nothing to do with the bankruptcy. You don't obtain title to a leased vehicle unless you purchase it. The vehicle belongs to the lessor. If they don't repossess it, then you can keep it, but you may be liable for excess charges (mileage, etc) that occurs since your bankruptcy case was completed.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://bklaw.com/bankruptcy-blog/
Follow Me on Twitter: @bklawr
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 12 years ago | Contributor
That is purely an issue of state contract and collections law. It has nothing to do with the bankruptcy. You don't obtain title to a leased vehicle unless you purchase it. The vehicle belongs to the lessor. If they don't repossess it, then you can keep it, but you may be liable for excess charges (mileage, etc) that occurs since your bankruptcy case was completed.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://bklaw.com/bankruptcy-blog/
Follow Me on Twitter: @bklawr
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