NOW should I file for bankruptcy?

[tundrawolf]

Hello,


I posted a while back about my predicament. I had a good job, A-1 credit, ended up quitting my job and making some bad decisions, and now I have at least one judgment against me. But I am living out of a 1 bedroom trailer, I have a nonrunning pickup truck, a rotted out RV, and a fairly nice motorcycle that the bank owns, but does not want back.

The advise was, don't fire the bankruptcy Big Gun until I have seizable assets, even though I have judgments against me.

Well, it may work out now where I might be getting my hands on a pretty good looking 1969 Volkswagen Beetle that is an offroad model. Probably worth $2,500 on a good day, probably a lot less. If I end up receiving this vehicle, it will be my only 4 wheeled transportation (As you can imagine just having a motorcycle can be difficult) and I do not want to lose it. Should I file for BK if I get the vehicle? Any advice is appreciated. Thanks!!

[AngelinaCatHub]

Hello,


I posted a while back about my predicament. I had a good job, A-1 credit, ended up quitting my job and making some bad decisions, and now I have at least one judgment against me. But I am living out of a 1 bedroom trailer, I have a nonrunning pickup truck, a rotted out RV, and a fairly nice motorcycle that the bank owns, but does not want back.

The advise was, don't fire the bankruptcy Big Gun until I have seizable assets, even though I have judgments against me.

Well, it may work out now where I might be getting my hands on a pretty good looking 1969 Volkswagen Beetle that is an offroad model. Probably worth $2,500 on a good day, probably a lot less. If I end up receiving this vehicle, it will be my only 4 wheeled transportation (As you can imagine just having a motorcycle can be difficult) and I do not want to lose it. Should I file for BK if I get the vehicle? Any advice is appreciated. Thanks!!

Well that is a personal choice. About a $2500 car that old, (off road?) and that little value, it is hardly worth worrying about. To levy against something like that is not worth it. First, they would have to discover you have it. Next, get a writ of seizure and post a bond. Then it has to be auctioned and whatever is left after all that goes towards the Judgment.

With so little assets, I would tend to have all your paperwork up and if you get hammered, file immediately and that will undue the seizure. Get the Nolo C7 book and it has practice forms available have them ready and you can download real forms from your local district. 'Hub