Latest Articles

Collateral Bankruptcy Services: A New Business helping Debtors & Trustees with Surrendered Cars

By Ian R. Leavengood

Surrender Repossessed VehicleCollateral Bankruptcy Services, or CBS, is a new business formed to assist debtors, debtor attorneys and chapter 7 trustees with a car when it has been surrendered through the bankruptcy process.  CBS was founded by bankruptcy attorneys and consumer attorneys who have consulted with thousands of consumer debtors over the years, identifying a problem when their clients own a car they can no longer afford, but have no quick, easy solutions when it comes to voluntarily surrendering the vehicle.  

“What should I do with the car?”  Ian R. Leavengood, founding shareholder of LeavenLaw—and one of the founders and General Managers of Collateral Bankruptcy Services, LLC—notes that he heard this question far too often, but never had a good answer for his clients. “Eventually it will just be gone,” was never a satisfactory answer,” stated Mr. Leavengood when asked about his counsel in such situations.  “Drop it off at the dealership or bank branch were also not good answers,” quipped Mr. Leavengood.  “So we created Collateral Bankruptcy Services to fill a need in the marketplace for debtors and their attorneys.  CBS will come to the debtor's home, safely and lawfully pick up the debtors automobile and transport it to a secure location.  We will then notify the lienholder and take it from there.  The debtor will get a receipt and peace of mind knowing they do not have to deal with the car any longer.”

Mr. Leavengood and the bankruptcy attorneys at LeavenLaw are apparently not the only people finding it hard to surrender cars to lienholders through the bankruptcy processes.  This problem is present throughout the country.  From consumers that have already filed bankruptcy and cannot get rid of their car to individuals that deal with the unlawful hounding and debt collection that comes with stopping payments on a secured auto loan, people are having the same problems; click here to read more.  That is why CBS was created and is here to help.   

  • Don’t want to leave your vehicle in the front yard for the repo man to repossess?
  • Don’t want to get left at the grocery store with no vehicle to drive home because you are past due?
  • Can’t drop the vehicle off at the dealership or bank branch?
  • Don’t want to be told why you can’t surrender the vehicle…and how this will ruin your credit?

Collateral Bankruptcy ServicesCollateral Bankruptcy Services was created to solve these problems, and more.  Richard Dauval, also a shareholder at LeavenLaw and a co-founder and General Manager at CBS, says that CBS helps Chapter 7 bankruptcy trustees too. “Chapter 7 Trustees have a duty to make sure that a debtor who has indicated in their bankruptcy petition that they desire to surrender a vehicle that they do in fact surrender the vehicle. “  When asked why it matters, one might be surprised at his answer.  “Chapter 7 Trustees expose their estates to liability if a debtor, who is surrendering their automobile, is still in its possession and driving it around potentially with no insurance.  If they are and get in an accident, the bankruptcy estate will get sued.”  As such, CBS provides services not only to debtors and their attorneys who have already advised them regarding the surrender of their vehicles, but also Chapter 7 Trustees in the state of Florida.  CBS will draft the Notice of Abandonment, contact the Debtor and safely and securely pick up the surrendered automobile.  Liability eliminated.

Finally, CBS offers value to debtors and debtor’s attorneys that utilize CBS’s services. To every Debtor that successfully surrenders an automobile to CBS, they will receive FREE Credit Counseling and Debtor Education courses—both requirements for filing a bankruptcy and receiving a discharge. This is up to a $70.00 value.  Furthermore, for the time and effort a debtor’s attorney undertakes in gathering the information surrounding a debtor's vehicle and assisting in the surrender, every debtor’s attorney will receive a $100.00 AMEX Gift Card in return for their efforts and referral.  NOTE:  Chapter 7 Trustees do not receive and are not eligible for the AMEX Gift Card.

If you have a car or a client that has a car that they want to surrender and you would like it surrendered securely, safely and in strict accordance with Florida law, contact CBS today or click here to arrange the pickup of your automobile, motorcycle, RV, ATV or boat.  Or, if you would like promotional signage or rack cards for your office waiting rooms, conference rooms or new client packets, please feel free to give CBS a call at (727) 364-4944 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it.. CBS is here to help you.

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Collateral Bankruptcy Services, LLC or CBS is a company that assists trustees, debtors and debtor’s attorneys in correctly and effortlessly surrendering automobiles incident to the bankruptcy process.  CBS also offers Legal Practice Consulting to aid debtors attorneys in identifying potential new business opportunities, improving process, and increasing profitability.  #surrenderedauto  #surrenderedRV  #surrenderedbike  www.CollateralBankruptcyServices.com 

 

Is a Recession on the Horizon?

 

By Ian R. Leavengood

Is a Recession on the Horizon?

As many of us can still feel, see or are just recovering from the effects of the Great Depression of this era, most do not want to hear the “R” word again.  Unemployment is down, the stock market is up a bit and gas prices and interest rates are still low.  So how can there be talk of another recession?  Consumers are driving into debt.  Consider the following: 

  • Post-recession, the need to replace aging cars spiked demand for new cars.
  • Banks and dealerships were eager to offer 0% financing on new cars.
  • Average term of car loans—that affects the monthly payment—increases to 68 months.
  • Average car loan is now in excess of $30,000.00.
  • Average monthly car payment is now over $500.00/month.
  • For every $1 of new car purchase, 86 cents is borrowed money.

With auto sales at a record pace, the amount of money borrowed on automobiles in the United States has hit record levels.  Sound familiar?  Stated interest loans, for 40 years, with people borrowing money that required payments that they couldn’t afford . . . all on assets highly leveraged with little to no equity?  Are we looking at the real estate collapse of 2008-2013 just with automobiles as the collateral?

A study by Interest.com in 2014 showed that the average household in 24 of the largest 25 metropolitan areas in the United States cannot afford to pay for the average-priced new car or truck.  To cause further concern, it is not just car loans that are problematic.  A new credit card debt analysis by Credit-Hub projects that we will end 2016 with $1 trillion in outstanding balances – a threshold never before reached, not even during the great recession.  Throw in the student loan crisis that is on the horizon, and American could again be in trouble with debt. 

If you, your family or someone you know are experiencing troubles with debt or credit, the attorneys at LeavenLaw can help you.  We have spent our careers perfecting our trade as debt and credit lawyers.  Whether you need to settle debt, defend a lawsuit filed against you to collect a debt, or, in the worst case scenario, discharge debt, we can help.  Please feel free to give the attorneys at LeavenLaw a call to schedule your free consultation.  1-855-Leaven-Law (1-855-532-8364)  www.LeavenLaw.com

 

LeavenLaw Partners Drive Class Action Settlements

 

By Greg H. Lercher, Esq.

Class-Action Lawsuit Attorney

A class-action lawsuit is a type of lawsuit in which one or more people sue on behalf of a larger group of people called “the class.” Members of the class share common legal issues and are so numerous that it would be impracticable for all of the individual class members to file separate lawsuits. Many of these cases start off as the result of the Complaints of one or a handful or people.  At LeavenLaw, we have experienced attorneys who zealously represent the interests of consumers in class action lawsuits. We are proud to share with you a number of recent outcomes that attorneys at LeavenLaw have helped achieve for consumers in the state of Florida and across the country.

Read more: LeavenLaw Partners Drive Class Action Settlements

Credit Reporting Agencies Agree to Major Changes

 

By Aaron M. Swift, Esq.


Credit Reporting AgenciesExperian, Equifax, and TransUnion—the three largest credit reporting agencies which collect and distribute credit information on more than 200 million Americans—will (allegedly) change the way they respond to consumer disputes as part of the largest industry overhaul in the last ten years.  The Big Three—as the agencies are so named—reached settlements with attorneys general in 32 states culminating years of nationwide investigations into shoddy business practices.  The settlements aim to resolve a myriad of consumer complaints including:

Read more: Credit Reporting Agencies Agree to Major Changes

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