Urgent response needed

[Minnymouth]

You need to check into the 722 redemption...... you could save yourself a lot of money paying the depreciated value....
May be your best route.....

Minny

[newstart]

You need to check into the 722 redemption...... you could save yourself a lot of money paying the depreciated value....
May be your best route.....

Minny

Thanks Minny you have been very helpful. I am going to speak with my attorney today. Thanks again.

[CindyLou]

you have made every effort to get the bike back. give the bankruptcy court ALL the information you have on this person. Also give the company that financed it the same information. As long as you don't hide anything then you should be ok. A police report wouldn't hurt matters. Good luck

[edwards2]

I have a question about the person who has the bike - or what is left of it. Any chance you can get that person to pay for the bike by suing him? That person is getting off scott free and there ought to be something you can do about it. Even though it wasnt the best idea to sign for anyone you still should not have to bear the whole burden. I know you dont want to file a police report but that person has left you high and dry so obviously he doesnt care about you. Good luck...

[newstart]

I thought about suing but it would basically be my word against his. I can not prove that this person asked me to get the bike for him or that we had an agreement that the bike was his sole responsibility to pay for. There is nothing in writing nor is his signature on any of the documentation. My attorney even asked was it a gift. I guess in order to avoid charges of fraud which my attorney is implying, I will have to say it was a gift and pay for it. This was an expensive lesson to learn.

[Lightning]

You don't stand much of a chance of winning a lawsuit if all you have is a verbal agreement.

[AAAArt]

You don't stand much of a chance of winning a lawsuit if all you have is a verbal agreement.

Agreed, but you don't have to roll over completely either. Are there other peoples who knew of the agreement and could vouch for you?
Telling the truth will not get you convicted of fraud. They may decide against your claim, but that is not the same as fraud. (Just out dollars, not jail time).
You're entitled to tell us as much or as little or as much as posiible. I don't even know if you're male or female, or the gender of the other person, but it might be relevant to know whether you were in a relationship with this other party and it ended or just what your relationship was and what was your rationale for co-signing.
Also, you stated that you co-signed the loan, but never said whose name was on the title. Was it a one person accident? What happenned to the bike?
You don't need to tell us any of these things, but you definitely should tell your atty the entire straight story. Forget embarrassment, shame or guilt...the law doesn't deal in these.
One thing that you can do legally (I think) is to buy some more time by writing the lendor and disputing the claim. It seems to me that they have to suspend all action until they make a determination on the "dispute"
BTW, you can check Kelly Blue Book for motorcycle values as well as cars. What year it was and whether ot was meetric or American (interpretation...Japanese vs. Harley Davidson) will have a bearing on the value. Harleys tend to depreciate less after the first year than many other bikes do.
$15,000 for a bike means that it was a nice one. There should be some value in what's left of the bike.
Honestly, if this is the only reason why you are filing Bk., look at redemprion to see if that would work. If not, I would suggest trying to negotiate lower payments over a longer period of time with the lendor.
I really feel for you, because being betrayed by a friend can be a far deeper hurt than the loss of money.
You are a victim of your own generosity and you've been shafted, but right now you need to walk away from your feelings and deal solely in logic.
You are a brave person to get on here and share your story. Combine that bravery with logic and professional legal knowledge and you WILL get through this. Best to you, Art

[newstart]

Thanks ART, I will give you some of the details to my story because I have been keeping it to myself for a long time. I am a female that was in a relationship with this man, he wanted this motorcycle and I was very reluctant to get it because of his past credit history but he assured me that he would pay for it and he did everything but that. I didn't co-sign, the bike was solely in my name, so I am the only one responsible party. I did look up the kelly blue book and the retail value of the bike is $6600. If I could get a redemption I would be grateful.
This motorcycle debt is 3/4 of my debt. I have about $7,000 of my own debt not including my car which is worth about $10,000 but I owe $14,000 on it (current).
You're right betrayal is worse. People just act as if they haven't done you an injustice and that you should just forget about but this transaction ruined my credit because I couldn't afford to pay for it and I trusted that he would do what he said he would.
Thank you for your kind words and advice.
Can you pull out of a bankruptcy if it is already scheduled?

[Annika]

I don't have any advise, but I just wanted to say that I'm sorry that happened to you.

It's SO not fair for someone to take advantage of another's generosity like that.

A long time ago a guy that worked with my husband wanted him to co-sign so he could get his power turned on. My husband will do anything for anybody, which normally is a good thing, but this time it wasn't. I told him I didn't think it was a good idea, and I thought that was the end of it. Sure enough, a few months later, we got a power bill in the mail where the guy didn't pay his bill. It was "only" $90, but still!

We tried to find the guy and make him re-pay us, but he managed to disappear.

[newstart]

Thanks Annika, I appreciate that.

[sunshine08]

(NOTE TO LIGHTENING - GOOD JOB - Non judgemental, polite, straight to the point and most of all very accurate information)

Most of us are here because we haven't always made the best decisions, or because of the unforseen. I am truly sorry that you had to learn such a valuable hard lesson. You should have at least kept insurance on the motorcycle, that was part of the agreement, as much for your benefit as for those that made the loan. You should have also gotten him to sign an agreement or at least made him put up some money up front. But again, this is all water under the bridge. Do you have the motorcycle? I don't know how 722 redemption can help you without the motorcycle. Do you have any way of contacting this person? Did you GIVE him the bike or has he actually paid anything for it? If you asked for it back and he didn't bring it back depending on your laws it might be considered unauthorized use, but that would depend on many things, such as, your state laws, whose names were the tags and insurance in, how long it has been, have you been in contact with him to ask for the bike, ... Your attorney may help you with this. First you need the motorcycle, let them repossess it, or maybe due the 722 redemption or pay kbb on the motorcyle less the damages. Was this a reportable crash? In Nc you have to maintain at least liabilty insurance on a vehicle and the owner can be ticketed for allowing or driving a vehicle with no insurance.
Good luck, keep us posted. Be careful in what you say to the creditors, let your attorney do the talking.

[AAAArt]

Newstart, Thanks for sharing. I know that it was difficult. Remember that no one sets out to make a bad decision. We make the best deciisions that we are capable of at the time. A mistake (even though it may be costly and painful) offers us a chance to grow and make wiser decisions in the future.
You sais earlier that your atty was not being helpful, but also said to get him the insurance papers (report?? whatever??) and that will prob be the end of it. He warned you about it being considered as possible fraud. It was 4 years ago, so I really, really doubt that they will come after you for that.
He was/is being helpful. Get him all the paperwork that you have and leave the rest to the process.
I and many of us often want and/or confuse our atty's with our therapists. Atty's get paid $xxx per hour. They calculate their fee based on how long a "normal" Bk. takes. Most are better talkers than listeners and they are not really paid to listen.
I think that I have agreat atty. and I have a lot of trust in him. I have a lien on some back taxes from when I went through a divorce many years ago and thought that it was okay not to pay the IRS or even file for a few years, because my life was in such turmoil and I couldn't afford it. Stupid, but it was the only decision that I could deal with at the time. My lien comes off in Jan. of '06, but I couldn't afford to wait to file (partly because of the new law wouldn't be as favorable for me). My atty. says "Don't worry about it. I'll petition the IRS after the Bk and they will prob dismiss it. Did that answer give me problems? You bet it did! But after he gave it to me for the third time and I had some time to think about it, I realized that it was the best and only thing that we could do.
My Bk is a real "state of the unknown". Besides the $4000 tax debt, ther is an additional $13,000 a year of income which I may lose. 2 Bk atty's told me that I would deinitely would lose it. My atty. thinks that I might be able to keep it because of the way that the contract is worded, but it's up for grabs.
What can I do about it? Nothing, but believe that whatever happens this is still the best and only choice for me.
The opposite of fear is faith. Have faith and turn it over to you Higher Power.
God Bless, Art

[newstart]

Art thank you for sharing your story with me. I have just been nervous and worrying ever since I filed for Bk. My concern with my attorney is that I feel he is not advising me about what I should do. He just seems so abrupt when he's talking to me and I just feel like he really isn't concerned about my well being. Also I wanted to ask him why could I be charged with fraud? but I didn't feel like he wanted to give me any information.
If I choose to surrender my car would the trustee frown upon me getting a cheaper car before my 341 meeting? How long can you usually keep a car before they want it back?
Thanks again Art. I have been praying but I've been doing more worrying than praying. So I think it is time for me to have faith.

[Minnymouth]

Newstart,

Sadly us women do a lot of things because of "love and affection" that get us in hot water. Love causes us to make rash and bad decisions. Experience is a good education in life. Sometimes we hear "HELLO REAL WORLD" after we do something that basically we shouldn't have.... and we pay the piper so to speak. Even I have had "sucker" stamped on my forehead in the past over things I have "helped" other people with....!!

Yes, you may end up paying for the bike, unfortunately.... but hopefully with a 722 redemption you can do it cheaper.

Also you might check into a 722 redemption on your vehicle or possible find you another thru the 722 redempton process.

Keep us posted, we are here to help and support.

Got questions, just ask......

Wanna VENT...... feel free..

My Best,

Minny

[Minnymouth]

Check out www.722redemtion.com for informaton you need...

Minny