Newbie In VA

[xpsdonny28]

Hey gang, new here but no stranger to debt. I'm 13ing it this thurs (officially). Have a question. I bought a motorcycle last year not knowing that I'd be in Bk. It was purchased on a credit card that is included in the Bk. I asked my atty if I could sell it and he told me to wait 2 to 3 months after the filing. Which is fine. But I just happened to see a bike I would like to have since my mother has offered to do the financing with her credit. Obviously will be reg in her name but not a prob. My question is would the court let me TRADE my bike in to make her loan less? or would that throw up a red flag?.

[13bound]

You need to get your stuff in order...............

Hey gang, new here but no stranger to debt. I'm 13ing it this thurs (officially). Have a question. I bought a motorcycle last year not knowing that I'd be in Bk. It was purchased on a credit card that is included in the Bk. I asked my atty if I could sell it and he told me to wait 2 to 3 months after the filing. Which is fine. But I just happened to see a bike I would like to have since my mother has offered to do the financing with her credit. Obviously will be reg in her name but not a prob. My question is would the court let me TRADE my bike in to make her loan less? or would that throw up a red flag?.

need i say more...........................

[xpsdonny28]

"You need to get your stuff in order............... "

Your point being? You must have misunderstood me. My mother has offered to "BUY" me something. I told her no thank you UNLESS I was able to sell the bike OR trade it to make HER output LESS. This has no affect on my credit OR my expenses. There would be NO output on my part.

[Flamingo]

Was this bike included in your asset listing given to the attorney and trustee? Follow your attorney's advice as to your present bike and do not sell it or trade it without double checking with your attorney as to this entire situation. During a Chapter 13, your entire financial state is under the control of your trustee. Do not take any major financial steps as to any of your assets or funds during your Plan without first consulting with your attorney. To do otherwise can result in the dismissal of your Chapter 13.

Realize you will need to do a major lifestyle change during your chapter 13 in order for your Plan to be successful. Everyone goes through it and you will need to curb any tendencies to buy things you don't need or can do without. Be thankful you have a parent willing to purchase you something while you are in this situation but, again, before you do anything with that present bike, consult with your attorney as to your plans and questions.

[fltoo]

"You need to get your stuff in order............... "

Your point being? You must have misunderstood me. My mother has offered to "BUY" me something. I told her no thank you UNLESS I was able to sell the bike OR trade it to make HER output LESS. This has no affect on my credit OR my expenses. There would be NO output on my part.

I think the point was that you should think twice about incurring more debt in someone else's name.

Your first post implied that mom was financing it for you "with her credit", not that she was doing an outright gift.

IMO, I would have a hard time taking a large gift like a bike from someone if they have to finance it.

[xpsdonny28]

Thanks for the advice. Mom's buying me dinner instead.