I have a question?
We received our discharge letter on Friday. It is dated 01/23/09
We had our 342 meeting back Nov 4th, 2008. A long with the letter of discharge we also got the Letter of "No Distribution".
Now we owned our car and truck outright. We got those titles back. Part of what we listed on our Chapter 7 was a business loan. The business is closed. The bank got 6 months of payments before we had to close the business. The bank also got $114K CD that was security on the loan. We also turned over the equipment to the bank but they never took it out of the store. The landlord gave them 30 days to take the equipment or they would claim it as theirs. Now the locks are changed and the eqipment is still there. Since we gave the bank the key we are no longer responsible.
Now my question. We owned another vehicle out right. The bank used it's value give us that business loan. However, they did not retain the title. That was returned to us. Can that bank come back and demand the vehicle? According to my discharge and letter of "No Distribution" they cannot?
The only thing I can find is if the case was that you were making payments and wanted to keep the vehicle you would have to work out a deal to cont. making payments. That is not the case here. The value only was used. We own that vehicle outright.
Any advice?
We received our discharge letter on Friday. It is dated 01/23/09
We had our 342 meeting back Nov 4th, 2008. A long with the letter of discharge we also got the Letter of "No Distribution".
Now we owned our car and truck outright. We got those titles back. Part of what we listed on our Chapter 7 was a business loan. The business is closed. The bank got 6 months of payments before we had to close the business. The bank also got $114K CD that was security on the loan. We also turned over the equipment to the bank but they never took it out of the store. The landlord gave them 30 days to take the equipment or they would claim it as theirs. Now the locks are changed and the eqipment is still there. Since we gave the bank the key we are no longer responsible.
Now my question. We owned another vehicle out right. The bank used it's value give us that business loan. However, they did not retain the title. That was returned to us. Can that bank come back and demand the vehicle? According to my discharge and letter of "No Distribution" they cannot?
The only thing I can find is if the case was that you were making payments and wanted to keep the vehicle you would have to work out a deal to cont. making payments. That is not the case here. The value only was used. We own that vehicle outright.
Any advice?