How long does a Creditor have to collect collateral after a bankruptcy?

I filed bankruptcy over 2 years ago and now one of the creditors is trying to reposes the property that I originally had a loan out on. I originally made an oral agreement to make payments on the colateral with the company (never in writing), and did for a few months, but I asked for them to send me an invoice or bill in the mail multiple times to make things easier on my end. Long story short they never sent me a bill or invoice and I lost their address and havent made a payment on the colateral for 1 and a half years now. They never sent me a letter asking for payment, or phone call or any type of contact; then today 1 and a half years later they are telling me to set up arrangements to pick up the collateral. Can they do that, or is there some law that says when you snooze after 1 and a half years you loose? I filed for Chapter 7, and the creditor I'm talking about was included in the bankruptcy. After my bankruptcy was discharged for about 3 months the creditor called me asking for the colateral back, and at that time I didn't know what to do so I asked if I could make payments on the item. They said that it was under my free will to send in payments and it wouldnt help or hurt my credit. I never signed anything all it was was an agreement over the phone. I would have made payments if they sent me a bill but they never did. Hope that little bit of extra info helps you wise ones out.

3 months ago - 1 answers