Question about stolen vehicle recovered

[Meh]

My case has been filed and deemed no assets. I had a car that i let go back to the LH. I got a call today saying that a motorcycle that I had stolen in 2007 has been recovered. There is no lien on the bike so it would come back to me but im trying to figure out how this would be affect my BK. I would like to keep the bike if possible as it would give me the ability to get to work and back lo.

[music12]

the timing of that is totally weird!

would you have been able to exempt the bike if you had it on filing date?

[AngelinaCatHub]

You have not seen the bike yet. Value it as you would your personal items. It may be a wreck and high miles. You do not yet have it in your hands so at this point, you have nothing. If you receive this item after discharge, oh, well. Let your lawyer know only and let him decide. 'Hub

[kenshirley]

I fail to understand this one.
The case was filed 6/4 and the 341 was held 7/6 and the case is about 3 weeks ideally from discharge.
He did not have the bike when he filed did he?
Maybe just delay getting the bike back until after discharge?

[music12]

'hub was thinking it would probably take some time anyway to get the bike back, perhaps with no effort on the OP's part.

it shouldn't matter either way, though, because it's not an asset of the estate since the OP did not have it on filing day. to be extra careful, i wondered whether it could have been exempted if the OP did have it then. even better would be not to have it until discharge. but all this is really an abundance of caution that's probably unnecessary.

[Meh]

I can and will go get the bike tomorrow morning. It will be in my possession but the title isn't in my name. It's in the name of the previous owner whom i bought it from. I got the bike in october and it was stolen on december. The state never changed the title over because the VIN got branded as stolen before they even got to process the paperwork. I ran it by my attorney, he said we will see if the one of the creditors attorney's requests a 2004 and if so we will visit it then. I too am wondering if it would have been exempt if i had it at filing.

[tinfoilhat]

Post tomorrow morning, the bike isn't going to be worth your time---stolen for 2 years? If you get it back in perfect running order theres something wrong here IMO.

Usually it goes back to the titled owner.

If you see it tomorrow and it's worth keeping......no comment.

[Meh]

Well i was already told it was in running condition. They recovered it during a traffic stop and had it impounded. Im not sure what your post is saying. I called my attorney as soon as I got the call from the police. I never expect it to be recovered, at least not in one piece. The titled owner is still the previous owner I guess, i have stuff showing that he sold it to me though so maybe that will be enough to get it, if no im sure I can contact him and have him provide something. The timing is way off on this and it seems so weird. Id love to be able to quit riding the bus, but if the trustee wants me to give it up, i'll do that.

[tinfoilhat]

Very odd. I guess the guy just planned on ripping you off if it is the titled owner who they recovered it from.

[JRScott]

He didn't say it was the titled owner he said he could contact them if need be to verify it was sold, plus he has documentation it was sold.

Honestly til you see the bike I wouldn't necessarily worry about it. After all running condition can mean many things.

[Meh]

That would be shady. Im wondering who they found on it, they wouldn't give me any info over the phone.

[aljohnson007]

If you were not the titled owner on date of filing, then it is not an asset and you don't need to incluke in bk. Just my opinion.

[Meh]

Got the bike back today. It's a 5 out of 10 id say. Mostly cosmetic stuff, engine seems to run strong but it's been down. Ive still yet to hear back from my attorney about it so i'll just wait and see.

[kenshirley]

You apparently don't know what all is wrong with it at this point but it's been down so if I had to declare it I would devalue it a bunch at a minimum.

[Meh]

A bike with similar miles on ebay would sell for around 5K. I think in the condition my bike is in, PLUS the fact that it is now a salvage titled theft recovery bike, it may be worth 1500-2000