newly to the bk portion but not to the forum; sell sportbike or not? in a pickle as they say

[Alexj931]

Okay so im def filing for chap 7 bk; i already did my means test and im doing it. (sucks but got to) I have already read the how to 700 credit score like a million times and im going to try my best to do it to the tee ..but im in a pickle, i have a 98 honda accord which is already paid for (is mine) and i oew nothing on it; but like my luck its going to basicly die lol. it has been my first car since high school and its going to need a new engine plus a lot more. im going to have to sell it or get rid of it, Now i have another form of transportion which is a 07 ninja sportbike (which is a charge off a long time ago and now a collection agency has the titlte) i currently have monthly payments with the collection agency for the bike, but i was wondering when i do my 341 meeting are they going to take that bike away from me? thats my only form of transportation now. even if i owe roughly 6 grand on it? 

thanks.

alex !

[StartingOver10]

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@Alexj931 wrote:

Okay so im def filing for chap 7 bk; i already did my means test and im doing it. (sucks but got to) I have already read the how to 700 credit score like a million times and im going to try my best to do it to the tee ..but im in a pickle, i have a 98 honda accord which is already paid for (is mine) and i oew nothing on it; but like my luck its going to basicly die lol. it has been my first car since high school and its going to need a new engine plus a lot more. im going to have to sell it or get rid of it, Now i have another form of transportion which is a 07 ninja sportbike (which is a charge off a long time ago and now a collection agency has the titlte) i currently have monthly payments with the collection agency for the bike, but i was wondering when i do my 341 meeting are they going to take that bike away from me? thats my only form of transportation now. even if i owe roughly 6 grand on it? 

thanks.

alex !

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This is a question for your Bk attorney. With a vehicle or other secured asset you need to declare right on your petition what your intentions are for the security (in this case your sportbike).

My suggestion:  surrender the bike. Start fresh with your Bk. Don't reaffirm anything. JMO.  Have a discussion with your attorney about all of your alternatives.

[Alexj931]

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@StartingOver10 wrote:

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@Alexj931 wrote:

Okay so im def filing for chap 7 bk; i already did my means test and im doing it. (sucks but got to) I have already read the how to 700 credit score like a million times and im going to try my best to do it to the tee ..but im in a pickle, i have a 98 honda accord which is already paid for (is mine) and i oew nothing on it; but like my luck its going to basicly die lol. it has been my first car since high school and its going to need a new engine plus a lot more. im going to have to sell it or get rid of it, Now i have another form of transportion which is a 07 ninja sportbike (which is a charge off a long time ago and now a collection agency has the titlte) i currently have monthly payments with the collection agency for the bike, but i was wondering when i do my 341 meeting are they going to take that bike away from me? thats my only form of transportation now. even if i owe roughly 6 grand on it? 

thanks.

alex !

---

This is a question for your Bk attorney. With a vehicle or other secured asset you need to declare right on your petition what your intentions are for the security (in this case your sportbike).

My suggestion:  surrender the bike. Start fresh with your Bk. Don't reaffirm anything. JMO.  Have a discussion with your attorney about all of your alternatives.

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Thanks for help !! I really appreciate it. I had to thinki about it a lot, then i realized ; as a daily driver a Sporbike in FLorida (we have sucky drivers here big time) isnt worth it, Ill just continue with my car and the bike go. 

thanks !