Legal Question in Business Law in Maryland

Abandoned property, i.e., truck

I was discharged in bankruptcy in Jan 08. Debt for dump truck and dumpsters was discharged; Bank has not tried to repo truck and will not answer my calls to meet with them. I am not making payments because I may lose truck. would like to keep it and pay current market value. This has been going on for months now. They are silent on the issue except to continue to send collection letters after Discharge which I know is not permitted. How long before this property is considered abandoned? They do have a $50K CD with a hold which trustee did not take but this does not cover loan which was for $185,000. We have requested paperwork on truck loan and hold on CD for months and they will not send it to us for bankruptcy attorney to look at.


Asked on 4/13/08, 8:08 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Abandoned property, i.e., truck

The property is never deemed "abandoned" by the secured lender - they can repo at any time. You have no right to redeem for fair market value, as this is not a consumer debt - but nothing would stop you from bidding at the auction once it's repossessed. One way to get their attention now would be to sue them for violating the discharge by sending collection letters.

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Answered on 4/13/08, 11:14 pm


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