Trustee hiring a Law Firm

[messedupbad]

No good news seems like the Credit union did not place the lien on our truck untill 33 days after sale date. sale date 6/25/05 line placed 7/28/05
Trustee Lawyers are requesting to be granted security interest in the Vehicle because lien was un perfected. Also saying that the Loan was made within 90days of our filing Bk so now they are saying we were all pre and post Bk filing payments are to be turned over to the trustee beacuse they consititutes a preferential payment. BUt we bought the truck on 6/25 so I see 90 days as 9/25 they are counting the day the lien was placed as day one. I also have a question in the letter to the Credit union & court filing I read this and wonder what it ment. can you read it and tell me what you think.
Since the transfer of the security interest in the Vechicle is avoidable under 11 U.S.C 547, the avoided security interest is preseved for the benefit of the estate with respect to the Vehicle, which is property of the estate.
no matter how I read it it still sound like he will take the truck and sell it and the money will go to our creditors.

[bkfiler]

ok so who here told me that if the lien was placed sooner or later as long as it was placed before the BK got filed then the 20 day period didnt matter?

anybody want to explain this if they know the truth. im missing something.

[StaciMM]

As to the preferential payments, its a total of $600 or more made within 90 days of filing. So if you filed 10/1 (I didn't go back to re-read your posts, not saying this is the day you filed-just an example) and made truck payments on 7/25, 8/25, and 9/25, then it would be over $600 total. Assuming your truck payment was not less than $200... If they take the truck, it really won't make a difference to your BK if they make the creditor give back those payments also. Your obligation to pay the truck loan will be discharged.

It sounds like the are going to take it... As long as you don't have a bad history w/ US Bank and you have stability on your job, I'd suggest contacting 722redemption.com regarding a replacement vehicle. (I believe you mentioned that the vehicle is reqiured for work.)

Regarding the code you pasted, I think it means that the truck is now property of the BK estate.

[StaciMM]

It makes no sense to me!! I can understand it being an issue if no lien is filed. But I can't understand how there can be a lienholder but they don't get counted as secured.

ok so who here told me that if the lien was placed sooner or later as long as it was placed before the BK got filed then the 20 day period didnt matter?

anybody want to explain this if they know the truth. im missing something.

[mommyto3]

How do we make sure that it is an acual lien and not just an unsecured loan? Would say on the paperwork and contracts I signed and received when I purchased th vehicle? Does the same thing go for a home?

[StaciMM]

You can probably check with whatever governmental agency in your state/area handles registration. They should be able to tell you when the lien was recorded.

[bkfiler]

doesnt a lien holder show up listed directly on the car title? it does for me.

i still want an answer as to how a 20 day legal time period lien not placed on time, but placed afterwards makes that lien invalid. i say no and that is wrong info. still wating for proof.

[StaciMM]

It should, but isn't the title then sent to the lienholder? (I'm assuming that if you have a car loan, you wouldn't have the title-so you can't just look at it to see if its correct.)

doesnt a lien holder show up listed directly on the car title? it does for me.

i still want an answer as to how a 20 day legal time period lien not placed on time, but placed afterwards makes that lien invalid. i say no and that is wrong info. still wating for proof.