Motorcycle ?

[325Falcon]

NH alows $4000 automobile exemption. Would a Motocycle fall into the automobile catorgorie? What if said motorcycle is a "basket case" meaning broken and in peices. Is a bunch of motorcycle parts considered a vechicle?

[BKOnce]

It considered.. *junk*.. please...

[lrprn]

NH alows $4000 automobile exemption. Would a Motocycle fall into the automobile catorgorie? What if said motorcycle is a "basket case" meaning broken and in peices. Is a bunch of motorcycle parts considered a vechicle?

Working motorcycles are considered vehicles and can be protected under the vehicle exemption. However, one in pieces (as BKOnce said) is not a vehicle - don't worry about it. Just include the value of the parts in your household goods.

[klux]

If it's considered a vehicle, how come my laywer told me that trustee isn't going to really care that I have a motorcycle, truck, and car and only two drivers? She mentioned that since my parents pay the cycle payment, it wouldn't matter. Is that true?

[Bandit]

If it's considered a vehicle, how come my laywer told me that trustee isn't going to really care that I have a motorcycle, truck, and car and only two drivers? She mentioned that since my parents pay the cycle payment, it wouldn't matter. Is that true?

This is probably true, If the bill is in your parents name. Someone else has the title so it is not like the bike is in your name as if you own it. That is actually not a bad situation to be in.

I do not follow what you mean about two drivers but if you also have a car and a truck, are your parents paying for that too?

I could be wrong about the above but it seems logical to me.

[Bandit]

I was thinking about the OP and if they possibly wanted to take my truck. I would list it as being in 100 parts then take it apart and leave it in 100 pieces and tell them to go ahead and take it. After all, parts are more costly sold seperately than the truck as a whole.

Of course I would never do that & it may not work out the way I planned if I did, but thought it was kind of a comic strip and ya never know- they may not want to take it, if it is in 100 pieces....then put it back together later.

[CindyLou]

also depends whether its titled as active or non-operable!! if its junk you should have a junk or non-operable title to go along with it not a regular title.

[klux]

Bandit - The cycle is titled in our name and so is the loan, but my parents pay it. It's kind of a long story, but I included the income from them in my schedules, I'll just hope it's ok.

[Bandit]

Bandit - The cycle is titled in our name and so is the loan, but my parents pay it. It's kind of a long story, but I included the income from them in my schedules, I'll just hope it's ok.

Hope is a good thing. But for me, it has to also make sense all the way through.

If it goes 13 then we will just be paying a percentage back for the cycle using the payment from your parents which will end up going to a lump sum for all the bills. Right? Will your parents keep pitching in the amount/income through the entire BK once they have reached the total pay off for the cycle?

Because they put you on a plan for 3 to 5 years, will the cycle payment still be there as income all the way through? If your parents agree to keep helping that way, then that is way cool. Do you see what I mean? I just try to see the individuals situation from several angles and cover as many possibilites as I can think of. I am no expert at this and it is not advice, just a question on top of your question. Questioning this is exactly what I would do also because in the end the responsibility goes back to us.

I am not sure how that would work in a 7. Who knows, I sure don't.
Families do this kind of thing all the time to help each other out and it makes sense to us but the figures on paper don't always make sense without a honest explanation. The reality of that is, the cycle is being zeroed out as your bill because your parents are helping pay the full amount. I am just as curious as you are to see how that all works out on paper in the end.
Certainly the lawyers and trustees have done the same thing for their children and paid for things for them.

I wonder, if there is another way to list the funds/payments you are getting from your parents. Maybe just a certain amount of income- as in, only the total that is owed on the bike & then that income stops when the bike is paid for? Is that how they put it down?

I was just trying to figure something better for you is all & wondering if it could be done another way. What if your parents stopped giving the payment for the bike and kept that to the side- say a college fund for the children. Could you just list your normal income and would that make the percentage you pay back less and easier in the long haul?

It really is most likely a very small thing and that is why your attorney put it that way.
klux, if you are really concerned about that, (which I would be also), gather your questions for that with any other questions and keep asking your attorney until everything makes sense to you.

[klux]

Thank you so much for your response. Yes, my parents are scheduled to have to pay me until May 2011, which will be slightly less than the plan length, I'll be in that until 2012, but that's ok, because by then my boys will be in school and daycare will be better. It's more like a favor I did for them last year, now they are paying me back and this is how. I traded in a vehicle they had to get rid of, and they are paying me for the amount this made my payment go up. (now I'm surrendering the vehicle). They don't know I'm filing bankruptcy, and I don't want them to.........they will so pass judgment on me. I wish I could've left the income off, I probably would've been able to do 3 year vs. 5 year then since I would've been just below the median, but I don't want to lose the cycle so that's why I told them.

[Bandit]

I see the picture now for the long haul especially with the boys being in school later. I also would not want the pain from my parents clanging their bell at me. After owning 3 motorcycles, I have to admit there is no better way to get around than on 2 wheels.

It all makes sense to me now and I feel you did all the right things. You have a great hope, klux.
Best wishes.