I’m ready to surrender my car to my car lender. Should I just take off the plates and leave
it in my driveway and let them come and get it? My name is Ron Drescher. I’m an attorney practicing bankruptcy and
creditor’s rights: Maryland, Delaware, Pennsylvania, and Virginia; and, you know, it’s an interesting
and sometimes a tricky decision about how to surrender a car to your lender, because
I’m a fan of keeping cars insured until it’s out of your hands and the plates are surrendered
back to the Motor Vehicle Administration or the Department of Motor Vehicles; because
you can get all sorts of pretty serious fines for having an uninsured vehicle; and I don’t
like the idea of my clients having a vehicle, even with the plates turned off, that’s sitting
in a driveway. Someone could come and steal the car and somehow
create damage for which you’d be liable, and you’re not insured; and then you’ve got a
much more serious problem. So, I would say it’s better to affirmatively
go and take the vehicle to your lender and turn it over if you’re going to surrender
it. My name is Ron Drescher. I’m an attorney practicing bankruptcy and
creditor’s rights, and if you have a question about if you can surrender a car before filing
bankruptcy, please pick up the phone and call me. I would love to hear from you.