In 2003, I bought a four wheeler at a dealership. I bought it on a credit card from the dealership. Household Bank issued it. I filed for bankruptcy last year. I told my lawyer that I was not 100% sure that this was a secured debt. They advised that I list it as unsecured, and the worst that would happen is they object and then I would give it up. My plan was confirmed in November with no objections. I never heard anything from Household. My statement from the trustee lists this debt as unsecured. Does this mean that I get to keep the four wheeler or can they come back later and try to take it? On the registration it lists Household Bank as 1st lienholder.
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Yeah they can take it. -
Since a 4 wheeler is treated like a registered vehicle and the company shows a lien on the registration/title - YES THEY CAN TAKE IT.
You can reaffirm on the debt or loose the 4 wheeler......Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.Comment
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I thought maybe they could. One thing I failed to mention, About one year before I filed, I could no longer make the payments. Several months later, the account was turned over to a collection agency. A few more months, they tried to settle, about $2000 less than what was owed. Right before I filed, it was turned over to a different agency. It seems like Household would have repossessed it last year when payments were not being made.Comment
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Household doesn't want the bike, they want cash........ They don't have room for all the stuff they would have to repo.......... Thats one reason why you see it go to collections......Minny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.Comment
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