Often times after a bankruptcy is filed,
account holders cannot afford to pay the value of
collateral on loans that are secured by household goods
or utilized at a small business location. As a result,
they will frequently offer to voluntarily surrender this
type of collateral to secured creditors, many of whom
are ill-equipped to repossess and liquidate the items,
thereby leaving a significant area of recovery
opportunity within their portfolios unrealized. With
years of experience in handling repossession and
liquidation work for its own clients, BRM has created a
separate operating unit to make such a service available
both to secured creditors and to bankruptcy trustees on
a national basis.
Creditors Repossession Clearinghouse (CRC), is a
national and growth oriented operating unit of BRM. CRC
was established in order to meet the needs of creditors
who have either a single item or a surplus of collateral
to be repossessed from their account holders. We utilize
a national database of highly qualified auction houses
and bonded companies who quickly and efficiently get top
dollar for the items. Regardless of the type of
collateral involved: furniture, electronics, jewelry,
appliances, office equipment, exercise equipment, or
larger items, we have the ability to obtain and
liquidate the property to recover the secured portion of
a creditor’s claim, both within the context of a
bankruptcy case, and on non-bankrupt accounts as well.
We take care of picking up the items and monitoring them
through the point of sale. We will keep you apprised of
the status of the property until it is sold, and then
send an itemized statement detailing the sale of goods
along with your check. We typically charge only a
percentage of the sale amount for our services, allowing
the creditor to recover the majority of its secured
claim.
With the recent changes in the bankruptcy law, BRM’s
management anticipates a significant increase in the
number of cases with collateral to be voluntarily
surrendered. The additional disclosure of personal
property required in
Chapter 7 cases, combined with the
ever more stringent reaffirmation rules, will
necessarily result in more bankrupt debtors opting to
surrender secured property that they cannot afford to
retain. Even in
Chapter 13 cases, with the additional
personal property disclosures and the stricter and
higher payment plans that will be enforced, many account
holders will opt for turning over their property.
Bankruptcy trustees will have greater opportunities as
well to liquidate both household and commercial goods to
recover funds for unsecured creditors in bankruptcy
cases. Through its years of bankruptcy experience, BRM’s
repossession unit, CRC, understands the needs of
bankruptcy trustees and recognizes that there is a
growing need for professional help in this area.
Rather than worry about liquidating unwanted property,
let CRC handle the details for you. We will liquidate
the property in a commercially reasonable manner, and
recover your portion of the claim quickly. Dealing with
a multitude of secured creditors on a national basis,
CRC will turn unwanted collateral into cash, and make
certain that the proceeds are distributed properly on
both bankrupt and non-bankrupt accounts.
