Repossession & Bankruptcy

A bankruptcy filing changes what a lender may do immediately. Recovery vendors have to react the same hour, not the same week. ## The Automatic Stay Stops the Field When a borrower files, the automatic stay generally halts collection and repossession activity. Continuing to work an account after notice of a filing is one of the most serious mistakes a recovery vendor can make, and the lender inherits the consequences. Our procedure is simple: any credible notice of a bankruptcy filing stops field activity immediately and the assignment is placed on hold pending written instruction from you or your counsel. If a unit has already been recovered, we secure it and await direction rather than proceeding to disposition. This page is general information, not legal advice. These keep a filing from becoming a stay violation claim. ## Four Rules We Follow No attempts once a filing is reported Any borrower claim of filing is escalated Recovered collateral stays in storage ## What Happens When a Filing Appears Work resumes only on written authorization Field activity stops immediately and the assignment is flagged on hold. Anything already recovered is stored and documented without further movement. We act only on written direction from your team once the matter is resolved. **Key Points:** - Immediate hold on notice of filing - Same-hour agent recall - Recovered units held, not sold - Documented hold and release trail **Topics Covered:** - Stop Work - Notify You - Hold the Unit - Wait for Writing - Recall the Agent - Secure the Collateral - Follow Your Counsel ## About PRG Asset Recovery & Holdings LLC **Company:** PRG Asset Recovery & Holdings LLC **Phone:** (210) 745-0964 **Email:** repos@theprg.org **Service Area:** San Antonio, Austin, and throughout Texas **Licensing:** Texas licensed, bonded, and insured recovery agency **Website:** https://prgassetrecovery.com/repossession-and-bankruptcy