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Surrendering a motorcycle to get cash?

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    Surrendering a motorcycle to get cash?

    I don't know if this is possible, but I'm just trying to get an idea.
    I haven't asked any lawyers yet because I've just thought about it.
    A few sites list my motorcycle at 4-6k. It has very low mileage so besides a small dent from when it fell(no scratches, just the damn pole in the ground saved it and put a dent in the fuel tank). It's worth something.
    However it's going to need a battery to start and possibly clean the carburetor since it hasn't run for awhile. And normal stuff like oil change, brake fluid flush etc, spark plug.

    I don't want a motorcycle anymore. I feel like I'm getting past that stage. The federal vehicle exemption is $4500. Can I tell the trustee I don't want it anymore? And if it sells it would I get the $4500? That would be a great fresh start...then I don't have to worry about selling it on my own, getting scammed etc.

    The Trustee is not selling an asset unless he will recover something for the unsecured creditors. A few hundred dollars is probably not enough. If your exemption is $4,500 and the Trustee can sell it for $6,000 then maybe he will sell it. If he does, he must give you your allowed exemption before anything else.



      How would he get the value? Would he send an appraiser or would he get estimates from online sites and take a gamble that way? Because if I sold it on my own I'm pretty sure I can get $4500 for it due to chip shortage....


        Generally, the Trustee will usually start the clean retail value. The Chapter 7 Trustee could use various sources including, but not limited to, Black Book, NADA, Kelley Blue Book, or Edmunds. The Trustee attempts to quickly determine if there are any assets that may be subject to liquidation. They will likely look at the make, model, year of your bike and check a "current" guidebook for clean retail. If it exceeds the exemption based on the guidebook, the Trustee will likely inquire further.

        If the amount is close. let's say it's $1,500 from Des' example, you may be able to negotiate with the Trustee to pay the $1,500 or something less than the $1,500. It saves the Trustee time and effort if they can get the debtor to "buy the equity" than to arrange a sale.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.


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