Collateral Gone- Signed for Some one.

[jramos]

Hi! I've been lurking lately and have found every one so helpful. Here is my situation. We signed for 2 seperate loans for 2 four wheelers with Yamaha for a family member. The family member sold the 4 wheelers to pay back people he owed (from our business that went under we had together), he continued paying the 4 wheelers and then lost his job and moved out of the country. In the mean time we filed for bankruptcy.

The company has never came to repo the 4 wheelers and we have just passed our deadline to object. My questions is..... after the deadline can they come back and sue me??? The lawyer said he has never had that situation so he does not know and so far we haven't heard anything. I have been discharged on Pacer yet but our deadline was only 1 week ago. The lawyer said there is a chance they will just write it off.

Since they have never came to repo them, they have never been "offically" told that we do not have them.

Anyone had this expierence where the collateral was gone???

Thanks so much!!

[AngelinaCat]

Hi jramos: welcome to the forum. Did you say that you are discharged on PACER? If so, you are DONE and the 4-wheelers are non issues. If you aren't yet discharged, but have passed the time limit for a creditor to file an objection, then you also should be good to go. Judges take a dim view of a creditor trying to sneak in an objection at the last minute.

Also you don't say how much if anything was still owed on the loans. If it was a fairly small amount, probably it will be written off. Those posters that more specific experiences will chime in I am sure.

Good luck, and we will have your celebratory Hamster dance in line for you.

[jramos]

Thanks for responding!!

The two loans were with GE and each was for about $7000. Actually, they did come before we filed for bankruptcy in the middle of the night and then stopped after we filed, but I haven't heard or see a wrecker since. I'm positve the lawyer didn't tell them we do not have them. That is correct, we are not showing discharged. Pacer says pending statuses and it has said that for a while. The deadling for an objection was 6/4.

My brother had a similar situation and they wrote it off but again his balance was $2k!

[whipster1]

Since you were a co-signer I don't think they could expect you to have the merchandise. They will however try to find the "family member" for a long time.

[AngelinaCat]

Long story short, 'Hub foolishly co-signed for an acquaintance for a car. The acquaintance defaulted. We had the car picked up and it was sold at auction and we were sued for the difference. We were filing BK anyway for other reasons; this just added another reason. We were discharged; the acquaintance has a judgment for $13k.

There are longer, more detailed posts elsewhere. I hope this helps.

[jramos]

Hi & thanks everyone! I wasn't clear enough.

My husband and I did not co-sign for the family memeber, the loans are in our names and the family member was no where on the loan.

If they do not put the dispute in by the deadline, after we are discharged, can they come back and sue me for not having the collateral since the loans were in our name. I don't know if I should celebrate, I would like to know to expect some thing else to happen!!

Thanks for your input every one!

[OhioFiler]

Hi! I've been lurking lately and have found every one so helpful. Here is my situation. We signed for 2 seperate loans for 2 four wheelers with Yamaha for a family member. The family member sold the 4 wheelers to pay back people he owed (from our business that went under we had together), he continued paying the 4 wheelers and then lost his job and moved out of the country. In the mean time we filed for bankruptcy.

The company has never came to repo the 4 wheelers and we have just passed our deadline to object. My questions is..... after the deadline can they come back and sue me??? The lawyer said he has never had that situation so he does not know and so far we haven't heard anything. I have been discharged on Pacer yet but our deadline was only 1 week ago. The lawyer said there is a chance they will just write it off.

Since they have never came to repo them, they have never been "offically" told that we do not have them.

Anyone had this expierence where the collateral was gone???

Thanks so much!!

This is a troubling statement. He is paid to know...or find out!

[jramos]

Yep, he said he didn't know because he's never had that situation which I know is probably and odd one. He did put it threw stating we are surrendering it. At the meeting, he said he hadn't heard anything and we may not either. We are prepared for the worse which would be paying for it! At least my husband learned his lesson!!

Just curious, we are moving because we included our home in the bankruptcy, will they just contact me at the new address?? I am just going to explain the situation to them if they contact me. They are gone.

[OhioFiler]

Yep, he said he didn't know because he's never had that situation which I know is probably and odd one. He did put it threw stating we are surrendering it. At the meeting, he said he hadn't heard anything and we may not either. We are prepared for the worse which would be paying for it! At least my husband learned his lesson!!

Just curious, we are moving because we included our home in the bankruptcy, will they just contact me at the new address?? I am just going to explain the situation to them if they contact me. They are gone.

Why are you moving?

[jramos]

Included the house in the bankrupcty, it sells on august 4th