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    Motorcycle..?

    Hi, I'm new. We're in KS & planning to file Chapter 7 probably by year-end. We've not met with our attorney yet and I have a question. This may not be easily answered but thought I'd see if anyone has an idea.

    DH is buying a motorcycle from a friend (he's been making payments on it for about 10 months, just hasn't put it in his name). We wouldn't consider keeping it around, but we both work about 20+ miles from our home and it sure does save on his gas. What will happen if we get a loan for it now (for it's value -- $10K?) Will we lose it? We have a 2007 car we are about $2000 upside down on, and his 98 Toyota 4Runner that we own outright. We thought maybe we should wait until after filing? Not sure. Thanks for any advice.
    "You can never get enough of what you don't need to make you happy."
    6/16/08: Attorney approached lenders to surrender old home
    8/26/08: Met w/attorney RE: filing BK
    9/29/08: Filing Chapter 7

    #2
    Ms. Frogge:

    I’m probably the last one to give you your first advice with all my mistakes. Why would I be here otherwise? However, DON’T take out a loan just before your bk. PLEASE don’t. Keep paying to the cycle yes, but make a decision if you want to reaffirm your car or what. You don’t want to give any appearance of impropriety. They may look back as far as two years maybe. If you want your bk, it is worth the extra gas at this time (next week who knows). Just my opinion. ‘Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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      #3
      Thanks so much, good advice. We are just going to not even make the cycle an issue throughout the process and take care of making it all official down the road. I don't need any more red tape than there is already!
      "You can never get enough of what you don't need to make you happy."
      6/16/08: Attorney approached lenders to surrender old home
      8/26/08: Met w/attorney RE: filing BK
      9/29/08: Filing Chapter 7

      Comment

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