buying back assets

[floridian]

i keep hearing about buying back assets...i did the search and found nothing...

when you buy back assets, how is payment made? do you have to have cash, or do they set up payment plans?

i have a motorcycle that i owe about 3 grand less than blue book... if i want to keep it, do i have to give the trustee the cash difference?

[ready2puke]

If you owe on it and are paying on it you dont have to buy it back..You just reaffirm it and keep on paying as normal. Its only when you owe it out right and cant exempt it and want to keep it..then you'd have to back it back

[floridian]

so even though i have positive equity of about 3k bucks, i can just keep paying on it....
thanks for the info... i thought i wasnt allowed to have any equity, as i could sell it and make about three thousand bucks..

in the real world, i couldnt sell it in todays market if my life depended on it, but on paper, i do have equity..