Repossession of equipment.

November 28th, 2007 by Questions

A private bailiff company has contacted me and advised that they are going to repossess some electronic equipment that was purchased using financing from a company which retained a `purchase money security interest` in the equipment.

To avoid possible embarrassment to my family I want to hand over the equipment to the bailiff rather than have them come home and collect it.

My only worry is that if I hand over the equipment I may have a problem when I declare bankruptcy if the finance company didn`t actually have the legal authority to repossess it.

What would you advise me to do? I`am not contemplating bankruptcy right now but I may be forced to file soon.


One Response to “Repossession of equipment.”

, A licensed trustee said:

Simply keep the paperwork the bailiff gives you and ask them to sign a receipt confirming that they took the equipment. If you eventually file for bankruptcy let your trustee know what happened and give them copies of the documents as proof.

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