Bankruptcy court approves resolution to help Reagor-Dykes customers

[TexasTowelie]

LUBBOCK - An agreement was approved in federal bankruptcy court Wednesday to resolve some outstanding fees Reagor-Dykes Auto Group customers are facing almost nine months after the dealership filed for bankruptcy protection.

The agreement proposed last month would allow the Lubbock County Tax Assessor’s office to handle all vehicle registration and title transfers and waive the payment of unpaid sales-tax amounts due as a pre-condition for Texas consumers. The tax office would assert such unpaid sales-tax amounts as a priority unsecured claim against the bankruptcy estates, the document states.

There were 11 filed objections to the proposed agreement, most concerning the language and logistics of the resolution. Those have been resolved.

Marcus Helt, attorney for Reagor-Dykes, explained sales tax fees comprise about 85 percent of owed amounts. The remaining 15 percent for tax, title and license fees will come out of the consumer’s pocket or from retail lenders, depending on financial set-ups. Helt said on average, the out-of-pocket cost to get vehicles formally registered will be about $100.

Read more: https://www.amarillo.com/news/20190424/bankruptcy-court-approves-resolution-to-help-reagor-dykes-customers/1

[marble falls]

1. Sounds fair enough. Nice to see the bankruptcy courts look after the little guy for once.