Contact: John Hartgen
REFUSAL TO RELEASE REPOSSESSED VEHICLE VIOLATES “STAY,” ACCORDING TO
June 4, 2007, Alexandria,
Va. —A majority of respondents to ABI’s latest online poll agreed (64
percent) that a bank’s refusal to release a repossessed vehicle
upon receiving notice of a debtor’s chapter 13 filing constitutes
a willful stay violation. Forty-eight percent “agreed
strongly,” while 16 percent “somewhat agreed” that a
bank is willfully violating a chapter 13 debtor’s automatic stay
for refusing to release a repossessed vehicle after receiving notice of
the debtor’s bankruptcy filing.
Twenty-seven percent of
respondents, however, thought that it is not a willful stay violation
for a bank to refuse releasing a repossessed vehicle after it had
received a debtor’s chapter 13 filing. Eighteen percent
“strongly disagreed” that a bank’s refusal to release
a repossessed vehicle upon receiving notice of a debtor’s chapter
13 filing was a willful stay violation, while 9 percent “disagreed
somewhat.” Seven percent of the respondents did not know or had no
opinion on the issue.
ABI members and members of the public
were welcome to submit their response to the statement: “A
bank’s refusal to release a repossessed vehicle upon receiving
notice of a debtor’s chapter 13 filing constitutes a willful stay
violation. (Commercial Bank v. Hundley, D. Kan. No.
06-1038-WEB)” The latest ABI Quick Poll was open to the public for
voting from May 25-31.
ABI’s weekly Quick Poll is posted
on ABI’s home page, www.abiworld.org. ABI members and the public are invited to
respond to a question on a timely bankruptcy or insolvency issue. Visit
http://www.abiworld.net/quickpoll/ to access
the results of previous ABI
ABI is the largest multi-disciplinary,
nonpartisan organization dedicated to research and education on matters
related to insolvency. ABI
was founded in 1982 to provide Congress and the public with unbiased
analysis of bankruptcy issues. The ABI membership includes nearly 11,500
attorneys, accountants, bankers, judges, professors, lenders, turnaround
specialists and other bankruptcy professionals, providing a forum for
the exchange of ideas and information. For additional information on
ABI, visit www.abiworld.org.
For additional conference information, visit http://www.abiworld.org/conferences.html.