Post-Discharge Question

[deb32]

Hi everyone,

I recently received a discharge for my chapter 7 bankruptcy. I purchased a dirtbike several years ago and instead of giving me a regular loan the dealership (Yamaha) opened a credit card in my name and purchased the bike with that. I was even given a card for the account in case I wanted to make regular purchases. Anyways, now that my bankruptcy is finished and the bike was not disputed, I have a $4000 dirtbike in my garage, but no title for it. I called the bank that was listed as the Lien-holder on my registration, and the man kindly told me they had sold the debt to a debt-purchasing company and now they most likely have the title. He gave me the number for the place. Id like to call tomorrow (monday), but not before having as much information of my own as I can. Can I obtain the title for this bike? Thanks for your time!

[jribe]

if the debt was secured and they have the title- then you would have to settle with them for some amount to get the title to the bike.

You obligation to pay the debt was discharged. They must have some type of collateral loan against it, since they have title for it. You'll need to find out what they have on it to get better answers.

Likely, they will want part of the balance owed to get title though.

Hi everyone,

I recently received a discharge for my chapter 7 bankruptcy. I purchased a dirtbike several years ago and instead of giving me a regular loan the dealership (Yamaha) opened a credit card in my name and purchased the bike with that. I was even given a card for the account in case I wanted to make regular purchases. Anyways, now that my bankruptcy is finished and the bike was not disputed, I have a $4000 dirtbike in my garage, but no title for it. I called the bank that was listed as the Lien-holder on my registration, and the man kindly told me they had sold the debt to a debt-purchasing company and now they most likely have the title. He gave me the number for the place. Id like to call tomorrow (monday), but not before having as much information of my own as I can. Can I obtain the title for this bike? Thanks for your time!

[BobMango]

When I purchased my motorcycle, I did the same thing. Even though they issued a credit card for the purchase, the title did list HSBC as the lien holder. I had mine paid off before filing, so I don't know exactly how they'd handle this but you might be able to offer something less than $4K to get the title. I doubt they will turn it over to you without some payment.

[dodgers74]

I was in almost the exact same situation. I owed approx. $1500 on a quad, the title was turned over to a collection agency after the BK. I settled for $500 to receive the title from them. Hope this helps.

[andy158]

If it s a dirt bike I wouldn't worry about the title. You only need the title to register it for license. I have bought and sold several dirt bikes without titles. If you go to sell it tell the person your situation and give him the VIN and tell him feel free to run the numbers to verify it is not stolen. I have done this in the past.