What about motorcycle and collection.

[mrman]

I'm very close to filing as I've grossed 10k this year and my CC bills are 1k a month. To keep afloat I've sold my motorcycle (I'm on my last $900 from that). My car is worth $1000 and my wifes is worth 3K. My wife and I have seperate bills and expenditures for everything so in 98 I sold her a motorcycle that she owns but I never changed the title, it's worth 4k, and I honestly never ride it, if that matters. What will happen with that in BK, should I transfer title now?

As I've sold many things to keep some money comming in, one thing I haven't touched yet is my gun collection. I have 20 WW2 rifles that may have some value. Some I picked up for $10, and a worth $10, some I picked up for more, but are only worth that to another collector. If they averaged $200, I would have $4,000 in guns, but I would have a hard time actually selling them for that. How are collections handled?

[Minnymouth]

You did not state whether you were filing with your spouse or separate...

Are you going for Chapter 7 or 13?? Under Chapter 7 you will have to surrender your assets unless they are exempt, under 13 your re-organize your debts and pay a percentage to the creditors but you keep what you own.


So which chapter you qualify for determines what happens to your motorcycle, gun collection, etc.

Regarding motorcycle - this is an asset to you as the title is still in your name....."too late" to transfer title to your wife now

Minny

"My comments are not "legal advice" they are from experience only"!

[mrman]

Chapter 7, filling seperate. A friend who filed got to keep his, and it was worth alot more, this one needs some work to run right, and we have no money to fix it. Does the trustee repo it or how do they sell it if they want too.

[Minnymouth]

I'm not sure how they handle the pickup of assets. Usually if you owe on it the creditor picks it up. If it's paid for it will go to auction I imagine, or the Trustee offers it for sale thru the court.

I had a van (2nd car) that needed work and the trustee never even bothered it. Depends a lot on the blue book value of the vehicle or cycle. If its not worth resale - they won't bother it.

Now your gun collection may be a whole new ballgame. Trustee may decide the value of it is worthwhile and ask you to submit it to the court (I imagine). You are allowed one weapon (I had one)....

Your attorney may use a "wildcard" if available in your state to keep your gun collection or cycle or both.

This is something you need to ask during your attorney consultation (free). In fact I would discuss it with 2 attorneys and pick the one I was most comfortable with.

If filing yourself, have a free consultation anyways and check out your options.

Hope this helps,

Minny

[Miyamoto]

When you get the value for the motorcycle, use the trade-in value for it, not what you would get selling it yourself. You can check the value here:

http://www.kbb.com/kb/ki.dll/kw.kc.tp?kbb&&16&zmc

Make sure when finding the value that you adjust for the fact it isn't running right. If you can't exempt it I believe the trustee makes arrangements to collect, but I reaffirmed on my current car so can't say from experience. As minnymouth said it is too late to transfer the title now, you would definately have questions to answer at your 341 regarding that if done now.

In regards to the gun collection, I was instructed by my lawyer (former trustee) to use whatever price I felt it would sell for in the first few hours of a garage sale. I found that rather hard as I haven't been to a garage sale in ages. I've got a collection of DVDs I've been accumulating since '99 that I was worried about when I was trying to figure out my assets. I think I valued it too low if it were to be sold on ebay or to collectors, but at garage sale prices I probably overvalued it quite a bit. I have quite a few imported DVDs, mainly Asian martial arts movies and I'm sure subtitled DVDs won't fetch much at all at a garage sale as most people I know hate reading during movies. If a trustee takes your collection they aren't going to have much time to spend finding a buyer that will pay them a good price and from what I have heard you or someone else may be able to buy it back if you offer a fair price.