COLLATERAL BANKRUPTCY SERVICES, LLC
ST. PETERSBURG, FLORIDA

About Collateral Bankruptcy Services Collateral Bankruptcy Services, LLC is your source for consulting and collateral services surrounding consumer bankruptcy filings, including collateral surrendered in Chapter 7 and Chapter 13 Bankruptcy cases, whether or not surrendered pre-filing or through the bankruptcy schedules. Our clients include Trustees, Debtor's Attorneys, Bankruptcy Form Preparers, and Debtors alike. As if having Debtors driving around in Estate owned vehicles wasn’t enough for Chapter 7 Trustees to be concerned about, the Trustees need to also be aware that under 11 U.S.C. § 704(a) they have an affirmative duty to secure the vehicle. Under § 704(a)(3) the trustee shall “ensure that the debtor shall perform his intention as specified in section 521(a)(2)(B) [the Statement of Intentions]. Best practices for a Chapter 7 Trustee, when appointed to a case with a vehicle to be surrendered to its secured creditor, is to immediately abandon the vehicle and contact the secured creditor and direct them to secure the vehicle. Clearly, absent a formal abandonment of the vehicle, the vehicle shall remain both property of, and exposure to, the estate. But less clear, is that the Trustee has to give affirmative direction to the secured creditor to secure its collateral. Without the affirmative directive from the Trustee, the secured creditor is prohibited by the automatic stay to taking steps to secure the vehicle. Unfortunately, whether it be due to poorly filled out schedules or a financing environment with ever changing names, a Chapter 7 Trustee is at an immediate disadvantage when attempting to make contact with the secured creditor of a surrendered vehicle. In many instances, the secured creditor is a large nationwide institution that doesn’t have an obvious way of being contacted by the Trustee or does not understand the role the Trustee plays in the surrender of the vehicle. This can lead to a lot of unpaid time and frustration. Its bad enough that the Chapter 7 Trustee has to incur the cost of serving the Notice of Abandonment (especially in a no asset case), but to than spend an hour getting nowhere on the phone can be reason enough to go back to doing nothing about these cars. For these reasons, Collateral Bankruptcy Services, LLC, (or CBS) was started. CBS provides the following services: Within 24 hours, CBS will draft, serve and provide to the Trustee a Notice of Abandonment that is ready to be filed with the Court. CBS will provide a Receipt of Possession to the Debtor upon pick up of the vehicle. CBS, in full compliance with state law, will verify and provide notice to the appropriate secured creditor as to the vehicle’s secure location and contact information to arrange its retrieval. Collateral Bankruptcy Services, LLC does not seek any fees or costs from the Trustee for the services it provides nor does CBS need to be officially employed by the estate. The Trustee need only email the case number and verify their intent to have the vehicle picked up, and CBS will begin working on the matter immediately. page to provide information on the automobile to be surrendered, or (4) email Provide Receipt of Possession to the Debtor "For almost a month, my client tried to surrender her car to the bank with no results. With one call to Collateral Bankruptcy Services, my client was able to immediately schedule a time that worked for her to surrender her car. On time, convenient with a smile and a receipt, CBS safely and securely took possession of my client's car. A big thanks to CBS!" Collateral Bankruptcy Services Solves Problems! "Collateral Bankruptcy Services solves problems! For almost a year after my bankruptcy, the bank could not have been more uncooperative. First, the bank was unreasonable in negotiating a payoff figure on my car. Then, it refused to come and repossess it after negotiations broke down. Just when I thought I was out of options, CBS quickly and effortlessly picked up my car, provided me a receipt and erased my headaches. Thanks, CBS!" We will provide your lienholder both notice of your intent to surrender your vehicle and provide them notice of attorney representation with respect to the debt that you owe. Collateral Bankruptcy Services Solves Problems! Collateral Bankruptcy Services solves problems! For almost a year after my bankruptcy, the bank could not have been more uncooperative. First, the bank was unreasonable in negotiating a payoff figure on my car. Then, it refused to come and repossess it after negotiations broke down. Just when I thought I was out of options, CBS quickly and effortlessly picked up my car, provided me a receipt and erased my headaches. Thanks, CBS! For almost a month, my client tried to surrender her car to the bank with no results. With one call to Collateral Bankruptcy Services, my client was able to immediately schedule a time that worked for her to surrender her car. On time, convenient with a smile and a receipt, CBS safely and securely took possession of my client's car. A big thanks to CBS! Contact Collateral Bankruptcy Services If you or your client have questions about Collateral Bankruptcy Services, LLC and the pick-up, towing and storage solutions and services it offers to debtors who have already made the decision to surrender their automobile, boat, truck, recreational vehicle (RV), personal watercraft (PWC), or all-terrain vehicle (ATV) incident to their bankruptcy filing, please fill out the Contact form located below or in the left-hand column of most of the sub-pages on this website and a CBS representative will contact you to answer any further questions that you may have and, if needed, help to schedule a pickup of the collateral. We will look forward to assisting you soon.