Buying motorcycle prior to ch 7

[drowningNdebt]

Is there anything wrong with buying a motorcycle prior to filing BK? It would be financed through a credit card.

[woeisme]

yes, that would be considered a luxury purchase, which is considered fraudulent and non-dischargable.

[drowningNdebt]

i want to keep that debt not discharge it.

[jgordo52]

There is a high likelihood unless it was your only vehicle you would be required to give it back.

[CompTweaker]

What state are you in? You need to know your auto exemptions. And using a card to purchase it, if you are about to file bk, could be considered fraudulent. You may have to wait a year to file.

In my state, SC, I have a $5000 auto exemption, and a $5000 wildcard exemption. After discussing it with an attorney, (because I was considering selling my moto to pay for the bk) if I had a motorcycle valued under the exemption amount, I could cover it with the auto exemption, and use the wildcard exemption to cover my car as long as it also was under $5000 and not needed anywhere else. As far as luxury, maybe a motorcycle worth a lot of money is considered a luxury, I dont know. Are you talking about a $20,000++ Harley or other expensive bike?

[drowningNdebt]

I will just wait until after I save up money and pay cash for it after the BK. It's only a $7k bike. I don't want to finance anything anymore only my car. Financing is what got me into this mess.

[AngelinaCatHub]

I will just wait until after I save up money and pay cash for it after the BK. It's only a $7k bike. I don't want to finance anything anymore only my car. Financing is what got me into this mess.