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  1. #1
    Join Date
    Sep 2005
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    Default Re: How to Get the Finance Company to Release a Lien After Banrkuptcy Discharge

    Quote Quoting shaunat
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    How do I get them to remove their lien as it was discharged and they didn’t want it back?
    Ask them nicely? Offer them enough money to make it worth their while?

    They are not legally obligated to help you.
    Quote Quoting llworking
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    Are you sure that there is no junk yard that will take it without a title to use for parts?
    That's a common suggestion, predicated on the notion that scrap yards are willing to operate as chop shops. While some may be willing to overlook problems with the title or lack of title from the "seller", it should not be assumed that it will be easy to find a scrap yard that is eager to put itself at risk in that manner.
    Quote Quoting adjusterjack
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    He would file a sold notice with the DMV, keeping permanent confirmation and documentation of the notice, and remove and turn in any existing license plates to the DMV.
    In Idaho the form would be a "release of liability" form filed with the IDT within five days of transfer. The receipt from the buyer should note that the buyer is taking the car subject to the lien.
    Quote Quoting adjusterjack
    If OP voluntarily offered money and the lender accepted, that would not violate the bankruptcy
    The lender would not be taking action to collect a debt. It would be responding to an offer to obtain a release of a still-valid lien; by the same token, even before a final discharge, once the automatic stay expires a lien holder may legally enforce the lien consistent with state law.

  2. #2
    Join Date
    Oct 2006
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    16,474

    Default Re: How to Get the Finance Company to Release a Lien After Banrkuptcy Discharge

    Quote Quoting Mr. Knowitall
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    That's a common suggestion, predicated on the notion that scrap yards are willing to operate as chop shops. While some may be willing to overlook problems with the title or lack of title from the "seller", it should not be assumed that it will be easy to find a scrap yard that is eager to put itself at risk in that manner.
    It isn't even remotely the same as a "chop shop". The item is being turned over to them by the legal owner. Yes, its subject to a lien but the lienholder does not wish to repo the item. Therefore scrapping it is logical.

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