Opinion needed on vehicles and motorcycles
We will be filing for Ch 7 in about a month and a half and would like some opinions on what will happen to our vehicles. We are just barely under the means test and most of our debt is unsecured, except for house, which we will reaffirm, if bank agrees. My question is about the vehicles and motorcycles. We have an 05 Ford Explorer (my car for transporting our kids) that we owe more on than it is worth. An 05 Ford Escape that we owe more on than it is worth (my sister in law uses this vehicle but loan is in my husband's and my name). We have an older Ford PU (my 16 yr old son's) that is paid for, worth about $1,800 that we can use our vehicle exemption on. My husband also has an 05 Harley Davidson that we owe about the same as it is worth. He uses the bike for his transportation to work. THEN, I have an 04 Harley Davidson, completely for fun, that we owe a little more than it is worth.
Our plan is to keep the old pu under an exemption, get a redemtion loan on the 05 Escape with the agreement that my sister in law is then going to buy it from us. We would like to reaffirm the loan on the 05 Explorer but the loan is with Citifinancial which we had several unsecured loans with that will hopefully be discharged. Does that mean Citifinancial will most likely not agree to reaffirmation?
The real questions we have are regarding the motorcycles. Can the BK court make us give them up if we do not have any equity in them? I know the Trustee won't take them, but can the judge say we have to surrender them, or if we say we are going to reaffirm the loans do they have to agree? The payments on the bikes are not very much a month so surrendering them will not cause our disposable income to increase enough to qualify for a Ch 13. What do you all think will happen? Also, if the judge says that we have to surrender the bikes, can you then just keep paying and hope the creditors let you keep them? If we lose mine it would not be too big a deal, but my husband does use his for his transportation. Thanks for listening! I feel like bankruptcy is a little like gambling; lawyer or no lawyer? Reafirm or ride through? If you ride through will the bank repo or not repo!! Ahh!
Our plan is to keep the old pu under an exemption, get a redemtion loan on the 05 Escape with the agreement that my sister in law is then going to buy it from us. We would like to reaffirm the loan on the 05 Explorer but the loan is with Citifinancial which we had several unsecured loans with that will hopefully be discharged. Does that mean Citifinancial will most likely not agree to reaffirmation?
The real questions we have are regarding the motorcycles. Can the BK court make us give them up if we do not have any equity in them? I know the Trustee won't take them, but can the judge say we have to surrender them, or if we say we are going to reaffirm the loans do they have to agree? The payments on the bikes are not very much a month so surrendering them will not cause our disposable income to increase enough to qualify for a Ch 13. What do you all think will happen? Also, if the judge says that we have to surrender the bikes, can you then just keep paying and hope the creditors let you keep them? If we lose mine it would not be too big a deal, but my husband does use his for his transportation. Thanks for listening! I feel like bankruptcy is a little like gambling; lawyer or no lawyer? Reafirm or ride through? If you ride through will the bank repo or not repo!! Ahh!
, but I would be inclined to get rid of anything with a payment unless it was a necessity.
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