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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.


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