"If you don't fill them out properly, you won't get paid," Sicay-Perrow said.
Buy-here, pay-here dealers work into their business models the reality that a portion of customers will declare bankruptcy. Failing to get paid from the bankruptcy trustee due to paperwork problems hurts their bottom line.
What's more, the individual who fills out the forms improperly could face a 50,000 fine for fraud.
Expect little help from the bankruptcy trustee in figuring out the ins and outs of the forms.
"The trustees are maniacally adverse to giving legal advice," Sicay-Perrow said.
He recommends dealers work with a bankruptcy attorney to make sure they follow the right procedures for their local bankruptcy districts.
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