When a major sub-prime lender like Tricolor files for bankruptcy, repossession agencies are often left with unpaid invoices and uncertainty about next steps. Hundreds of agencies are already listed as creditors, most classified as unsecured. While payment is not guaranteed, you can take steps to protect your rights and maximize recovery.

View Creditor List
(Use your browser’s search/find function)

CLICK HERE

Immediate Steps to Take

1. Hire Legal Counsel

   • Engage an attorney experienced in bankruptcy law as soon as possible.

   • A lawyer will ensure you meet all deadlines and file the proper paperwork.

Information to Gather for Your Attorney

To speed up the process and strengthen your claim, collect and organize:

• Contracts & Agreements
  Copies of all service agreements or purchase orders with Tricolor.

• Invoices & Billing Records
  Detailed invoices for repossession, transport, storage, and related services.

• Proof of Services Rendered
  Repo logs, vehicle condition reports, GPS records, photos, transport receipts.

• Correspondence with Tricolor
  Emails, texts, and payment promises or disputes.

• Lien or Security Interest Documents (if applicable)
  UCC filings, possessory liens, or other security claims.

• Accounting Records
  Your ledger showing amounts billed, amounts paid, and amounts outstanding.

• Bankruptcy Filings
  Petition, creditor schedules, and creditor list showing your agency.

Getting Added to the Bankruptcy Case

Even if you’re listed in the debtor’s filings, you must act to protect your claim.

1. Check the Creditor List

   • Confirm whether your agency is listed, the amount, and whether it’s correct.

   • If omitted or incorrect, you must file a claim to be recognized.

2. File a Proof of Claim (Official Form 410)

   • File before the claims bar date (the court-imposed deadline).

   • Attach supporting invoices, contracts, and proof of service.

   • Proof Of Claim Official Form – CLICK HERE

3. Classify Your Claim Correctly

   • Indicate if your claim is secured (lien, collateral held) or unsecured.

   • If you believe you have priority, explain and provide documentation.

4. Stay on the Notice List

   • Ensure your agency is on the court’s mailing list to receive updates.

   • Watch for notices about asset sales, objections, and distribution.

5. Participate in the Process

   • Attend the “341 Meeting of Creditors” (through your attorney).

   • Respond to any claim objections promptly.

   • Monitor the case docket for developments.

What to Expect

• Unsecured creditors: Often recover only a small fraction, depending on assets available.

• Secured creditors: May recover more, especially if liens or collateral are enforceable.

• Timing: Recovery (if any) is slow—months or even years in liquidation cases.

Repossession agencies should act quickly: hire an attorney, gather documentation, and file a proof of claim before the deadline. Sitting back and waiting will almost certainly result in no payment.

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