Will they come get the motorcycle?

[mountainmom]

DH had a motorcycle financed through GE Moneybank on a Honda Card. The atty said the company wouldnt come after it cuz its 15 yrs old and not worth enough.
Somehow we have the title with no lean holder on it. Can they take it after the discarge?

[lrprn]

Given the information you've provided, it sounds like your lawyer has already given you the right answer for your situation.

Unless the motorcycle is some kind of valuable antique motorcycle that's worth something, the trustee isn't going to come after an unprotected asset unless it can be sold for enough money to make it worth coming after. Sounds like it wouldn't be worth it in your case.

Now let's figure out if the motorcycle is in any risk from the lender. When did your husband buy the motorcycle on the Honda card? How much did he pay for the motorcycle? Is the loan secured by the motorcycle?

[mountainmom]

He bought it 2 years ago. There is no leinhlder on the title. We have the title. Purchase price was around 3000.

[lrprn]

He bought it 2 years ago. There is no leinhlder on the title. We have the title. Purchase price was around 3000.

Then I would say that your lawyer is still right. Even if you can't protect the motorcycle completely with your exemptions, the creditor is unlikely to come after it because if they seize it for sale, there isn't enough profit in it to make it worth the time and expenses. However, some creditors are almost ludicrously punitive in these situations, so there's no 100% guarantee they won't come after it. Just that it's very unlikely they will.

[Brighterdays]

Preface: I was a new car sales manager and in the auto industry for 8 years.

If you have a clean title with no lien holder, then it must have been an unsecured loan(personal). When you renewed your plates did you have to take a letter from the lender or did you just take the title to get your new sticker?

Sound like you now own this vehicle free and clear if your debts have been discharged and you still have your asset.

So if you have a free title and haven't been ordered to give it back, it is yours!! Enjoy the weather.

[eddiep]

lrprn
you are giving me a glimmer of hope here. I have accepted the fact that we will have to surrender some of our assets that we are unable to protect because we do not have enough exemptions after we save our two cars that are paid off.

Tell me that there is a chance they won't want our sons dirtbike $1300, and hubby's harley (NADA lists it between $2800 and $7000), boat $1700, ATV $500, and truck $500 (blown engine)?

[eddiep]

Also, my lawyer said that we have to give him the titles to all of our vehicles and toys with the rest of our paperwork, did you?

[lrprn]

Tell me that there is a chance they won't want our sons dirtbike $1300, and hubby's harley (NADA lists it between $2800 and $7000), boat $1700, ATV $500, and truck $500 (blown engine)?

I can't speak for the situation in your local court or your trustee's inclinations.....but let's just say that we filed our 13 almost three years ago and had two paid-off assets we couldn't protect with our exemptions that were valued at $4K and $2.5K respectively.

We were prepared for our trustee to take both. Our lawyer said he thought they likely were safe because our trustee wouldn't go after something that costs him about $1K in costs just to seize and sell - there was just not enough profit in it. Our plan was already paying back close to 80%, so it wasn't as tempting as it might have been if we had been paying back, say, 20%.

As of today, we still own, pay the taxes on, and use both assets There's no guarantee that our trustee will leave it this way until we are discharged, so we are always ready to surrender either or both if he asks for them. But so far, so good. Our lawyer says he thinks we'll end up keeping both. Time will tell.

[lrprn]

Also, my lawyer said that we have to give him the titles to all of our vehicles and toys with the rest of our paperwork, did you?

Yes.

[eddiep]

My lawyer also told us that he thinks we will be able to keep everything, but didn't elaborate. So maybe that is why.

As far as the harley's value. It is considered an antique and the range is huge, depending on condition. It would probably appraise for $6k according to hubby, but we listed it on craigslist for $5k back in August and didnt get one call. Should we list it low and let the trustee prove that it is worth more or is it our responsibility to get it appraised?

[lrprn]

Should we list it low and let the trustee prove that it is worth more or is it our responsibility to get it appraised?

It's best for you to get a reliable appraisal before filing. Your lawyer can probably steer you to solid appraisers in your area that the court will accept.

One thing I know for sure, if the motorcycle's value is challenged, the court isn't going to accept bids on eBay as legitimate values for an asset (but it would be really fun to be court to watch the trustee's face when you try ).