Question loan on clear title cycle

[newby??]

i have a cycle that has a clear title i dont want to lose it , should i take out a loan on it.

how else can i protect it .

im probly going to go ch 7

im in the 90 waiting period, just to make sure i havent charged anything.( dont want any trouble)

[BKParalegal]

Yes you can take a loan from a bank, friend, family member, and then make sure a promissory note is drafted and signed and a lien is recorded on the bike within 10 days of the loan. Then give yourself time to spend the money prior to filing. After the bankruptcy, post 341, you can pay off the loan and have the lien removed.

Good Luck

[newby??]

thanks checking acc just about tapped out.

[Minnymouth]

If you have ALREADY FILED BK then you cannot acquire more debt during the bankruptcy process without the Trustee's permission. If you are in the period from filing to discharge, your financial affairs are in the hands of the Trustee..... You cannot obtain a loan, buy a vehicle, without approval from the Trustee.

Anything done 90 days prior or more to filing the Trustee can question and undo!! So if you take out a loan against an asset (cycle) to protect it during bankruptcy, the Trustee can see this as a fraudulent transaction and reverse it, seize those funds for his creditors, or get your case dismissed.

[CompTweaker]

Can you claim a motorcycle under your vehicle exemption if you can claim your vehicle as tool of trade doing a job delivering pizzas.....dont mean to hijack this thread, just curious since the thread is one of few about motorcycles.