CAN I SURRENDER PROPERTY IN CHAPTER 13 CASES?

Lots of debtors wonder if they can surrender vehicles or homes where they are upside-down with the loan and they no longer want to keep the property.  The answer to this question is “yes.”  Debtors do not have to continue paying on the secured debts that are secured by property that they do not want to keep.  If a debtor wants to surrender a vehicle or home, the bank will generally repossess the vehicle or foreclose the home and then the bank, if allowed under state law, can file a deficiency claim in the Chapter 13 case.  This claim will be treated as a general unsecured debt and in most plans will be paid out a small percentage of the total amount owed.

 

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Justin M. Myers

Justin M. Myers Attorney-At-Law, LLC

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