PWC and ATV

[Oh No]

Anyone file with a loan on one of these that they wish to keep? Don't have much if any equity on mine, but I can afford to keep it. I'm filing on personally guaranteed business debt only. No CC's, cars, house, etc. will be filed on.

[lrprn]

I'm filing on personally guaranteed business debt only. No CC's, cars, house, etc. will be filed on.

Don't have an ATV...just curious how you are filing on just part of your debt. The bankruptcy law requires you to file including *all* of your debt, so unless your credit cards are all zero balances and your cars and house are totally paid for, those are debts just like your personally guaranteed business debt and must be included if you file Ch 7. Did I misunderstand what you meant?

[Oh No]

Don't have an ATV...just curious how you are filing on just part of your debt. The bankruptcy law requires you to file including *all* of your debt, so unless your credit cards are all zero balances and your cars and house are totally paid for, those are debts just like your personally guaranteed business debt and must be included if you file Ch 7. Did I misunderstand what you meant?

I have plenty of CC's, but have had zero balances on them for quite a while. I am quite a ways over the median income, but my lawyer tells me that I can go 7 due to it all being personally guaranteed business debt. I guess what I meant was that my cars/suvs, house, and toys don't have to go back if they don't want them. Other than business debt, which is 3 750K spec homes that wont sell due to the liens placed on them by banks who had an interest in a lumber company that went down and did not pay their bills, I have no personal debt that I cannot pay. My wife is also not filing, but she is on the house with me. Perhaps we should try to place it in her name alone. It has no equity because it's new.

What is your take on me buying a new vehicle a month or two before filing? I will not need to give it up and can afford the payments.

[Jeepy89]

We had two ATV's - the lawyer said we had to give em back since the trustee would not look on it very favorably if we say we can keep the toys but not afford to pay off anything else. We were over the median for our state also.

[wrinkleigh]

Dont transfer ANYTHING out of your name at this point, it wont do any good, and could throw up red flags, they may think you are trying to hide assets.

When you buy the car, have your wife put it in her name alone.

I think you are going to lose the ATV's if you dont have much equity in them anyway, not much of a loss. Again, if you can AFFORD them, have your wife go buy two new ones in her name.

Talk with your lawyer about anything and everything you are thinking of doing -- with that much debt - your case will probably be gone through with a fine tooth comb anyway. I would look to the UST to be involved.

Good luck to you.

[Oh No]

We had two ATV's - the lawyer said we had to give em back since the trustee would not look on it very favorably if we say we can keep the toys but not afford to pay off anything else. We were over the median for our state also.

Did you also file on business debt? I see you went ch7 yet you are over the median.

[Oh No]

Dont transfer ANYTHING out of your name at this point, it wont do any good, and could throw up red flags, they may think you are trying to hide assets.

When you buy the car, have your wife put it in her name alone.

I think you are going to lose the ATV's if you dont have much equity in them anyway, not much of a loss. Again, if you can AFFORD them, have your wife go buy two new ones in her name.

Talk with your lawyer about anything and everything you are thinking of doing -- with that much debt - your case will probably be gone through with a fine tooth comb anyway. I would look to the UST to be involved.

Good luck to you.

My wife is not filing, but do you think she will have to provide information since we own our home together? My lease is up on my SUV in a few months and I want a new one before I file so I won't have to hassle with it after.

[brainless twit]

A friend of mine just filed, and her husband was able to keep his ATV. They had a lot of medical bills and CC debt, but they reaffirmed a vehicle, the ATV, and their home. I think it just depends on your circumstances and how much wildcard money you have left.

[SamanthaJones]

Are you operating a business?

Three 750K homes, and having nonexempt toys, and thinking of taking your name off of your house to save it? You have an overcast sunset appearing on your horizon....

[Jeepy89]

Did you also file on business debt? I see you went ch7 yet you are over the median.

Yes we did have some business debt included in the Chapter 7 - yes we were over the median but we passed the means test (we ended up at like -$300 a month)