QUESTION
Can I keep my motorbike if I’m making payments on it and it’s the only form I have to get around?
Asked on Dec 20th, 2016 on Bankruptcy - Wisconsin
5 ANSWERS
No reason why you cannot claim your motorbike as an exempt vehicle if you have equity in it. If you do not have any equity in the motorbike, the bankruptcy system will have no interest in this asset. Either way, you want to keep, you gotta pay, and in addition to paying, you probably have to sign a reaffirmation with the lender.
Answered on Feb 17th, 2017 at 7:18 AM
Yes, as long as you are current on the payments. You might be required to sign a reaffirmation agreement to keep it.
Answered on Feb 17th, 2017 at 7:18 AM
Assuming your equity in the bike is within the exemption amount, yes.
Answered on Feb 17th, 2017 at 7:18 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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I'm afraid you have not provided enough information for a valid answer. However, assuming your motorbike is subject to a security interest, it is generally possible to enter into an agreement called. A reaffirmation. Your lawyer could do this, or if you do not have a lawyer (a bad idea), you could try it your self.
Answered on Feb 17th, 2017 at 7:17 AM
Bankruptcy Chapter 7 Attorney serving Fort Collins, CO
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The Salas Law Firm LLC
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Yes, so long as you are current most lenders will allow you to keep your transportation.
Answered on Feb 17th, 2017 at 7:17 AM