Basically my wife and I are having to file chapter 7 after some personal issues and moving to another state.
We havent contacted a lawyer yet because I wanted to get a general opinion about a major issue I have.
The issue is, I bought a jetski last year (January 2007) have paid on it faithfully and actually doubled up on payments (IE: min payment was $100, I paid $250 a month) until around June of 2008 when everything started falling apart. No problem, but in May of 2008 when it was nice outside the motor blew up so I sold the jetski for about $1500. The loan amount is still for $5000, I was planning on continuing to pay for the jetski, but with everything thats happening that is not an option, now since it was secured, but the jetski had motor problems and was not worth it for me to repair, I sold it for that amount.
In short, I sold a secured item I had a lien against for cheap because it blew up, now obviously I dont have the collateral anymore and I dont want to get into any legal problems by filing BK against it. Any advice?
**Edit** Just looked boat in good condition is valued at $2500, and Like I said I owe $5000, the low book value is why I sold it for $1500 with a blown motor.
We havent contacted a lawyer yet because I wanted to get a general opinion about a major issue I have.
The issue is, I bought a jetski last year (January 2007) have paid on it faithfully and actually doubled up on payments (IE: min payment was $100, I paid $250 a month) until around June of 2008 when everything started falling apart. No problem, but in May of 2008 when it was nice outside the motor blew up so I sold the jetski for about $1500. The loan amount is still for $5000, I was planning on continuing to pay for the jetski, but with everything thats happening that is not an option, now since it was secured, but the jetski had motor problems and was not worth it for me to repair, I sold it for that amount.
In short, I sold a secured item I had a lien against for cheap because it blew up, now obviously I dont have the collateral anymore and I dont want to get into any legal problems by filing BK against it. Any advice?
**Edit** Just looked boat in good condition is valued at $2500, and Like I said I owe $5000, the low book value is why I sold it for $1500 with a blown motor.
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