Keeping the motorcycle

[Dayhob]

The lawyer called today and said it looked like we would have to file chapter 13. We want to keep the house, truck and motorcycle. Husband uses the bike for primary transportation, I drive the truck. The lawyer said we will be able to keep the bike, but may have to pay higher payment to make up for that amount for unsecured. Does anyone have experience with this. I would rather cut of my leg, than lose our bike. We have no equity in any of it. We have an old beater truck when the weather is bad. It is over 15 years old. It is my son's name, our name is not on the title. She said we needed to get our name on the title to use it for vehicle expense. We were hoping with just the one truck, that the bike would be considered my husbands primary transportation. I am confused and very worried.

[Dayhob]

income

One more question, what happens in the five year payback period if our income goes up. We have a 20 year old daughter who does not have job, what happens if in the 5 years she is no longer a dependent, and starts working. orry for all the questions, but I was prepared for a chapter 7, a chapter 13 scares me.

[rrockinggramma]

so much depends on where you live (state and filing district) and also your income and disposable income and your expenses. I would STRONGLY recommend that you procure some RELIABLE transportation. A 5 year plan means your truck will be 20 years old. You should get yourself some real reliable transportation. Research online chapter 13s in your district. Sniff around your trustee's websites and see what the local rules are and your state rules are concerning transportation etc. If your son's name is on the truck, then just go get yourselfs one in your own name to have that is reliable.

[lrprn]

Some questions for you first....
* What state do you live in?
* How much equity do you have in your house in today's market? (Equity = amount the house is worth minus the amount of the loan(s) you have on the home)
* Do you have a loan on the motorcycle? How much is your motorcycle currently worth in today's market? Does your lawyer clearly understand that the motorcycle is your husband's primary transportation?
* When did you purchase the motorcycle and the 15-year-old truck? (By the way, you can't list the truck as an asset if you or your husband are not on the title.)
* Looking back six full calendar months, how much income from all sources did you and your husband bring in?
* Besides yourself and your husband, how many other children and dependent adults are living with you right now?
* Have you made any recent balance transfers or large charges on your credit cards?
* How many lawyers have you met with so far? If it's just this one, then you definitely need to set up at least two more free initial consults with other experienced bk lawyers in your area.

Thanks for the extra info - it will help us sort out whether Ch 13 seems reasonable or not for you.

[Dayhob]

We live in Northern Indiana
We have no equity in the house, we owe basically appraised value
We have loan on motorcycle, owe basically what the value is. I have told the lawyer several times it is his primary transportation, but she says that will not work because what will he drive in the winter and inclement weather. He drives the bike all year round.

We bought the motorcycle 2 years ago. The 15 year old truck is my sons. We own a 2006 Silverado that I drive. We also owe what that value is.

My husband was working full time until April, now working 2 or three weeks a month, getting unemployment for the other. I work full time. We have very high 401k loan paybacks you cannot count them in Chapter 7, but you can in 13.

My husband, myself and our 20 year old daughter. She has anxiety issues and does not work.

No charges or balance transfers for almost a year.

Met with 2 lawyers, the first didn't seem to know what she was doing, this seemed to know what she was doing.

This lawyer at first said we should be able to go chapter 7 and then called yesterday and said it looked like a chapter 13, but I don't think she realizes my husbands income is less. I had a 2400 bonus in April, so we were hoping that we could file November when that falls off. If we do a chapter 13 now, what if my husband gets laid off completely and income is much less, and what if my daughter is able to get a job? How does that effect the payback?
Thanks for any help anyone can give.

[BigJohn]

I would check out 1 or 2 more lawyers.

[BigJohn]

If you can go to the Federal Court when they have the 341 meetings, you might meet a lawyer who represents other bankruptcy clients who can handle your case.

[floridian]

my lawyer says there is no way i can keep my motorcycle, end of story..

[lrprn]

Big John has the right idea. Set up at least 2-3 more interviews with experienced bk lawyers in your area. Your husband's primary and only transportation is his motorcycle, then it should be allowed. The only exception is if you are in one of the very few local bk courts where a trustee has made a personal judgment that motorcycles cannot be substituted for a car, period. However, you can't confirm this unless you talk with several other knowledgeable local lawyers.

Your lawyer may be making a judgment about the motorcycle on her own that may not have to be the case. That's why you need additional knowledgeable local legal opinions on this situation before retaining this lawyer (hope you haven't already).