More details to this question:
I am currently up to date on my payments that are due on my motorcycle. I am filing chapter 7... Because I own a house I cannot keep the motorcycle as the value is too much for personal property even though there's an outstanding loan on it. When it is surrendered will a repossession show on my credit report or just chapter 7 discharge
1 ANSWER
Bankruptcy Law Attorney serving Knoxville, TN
at
William E. Maddox, Jr. LLC, Attorney at Law
Update Your Profile
If the vehicle is surrendered before you file bankruptcy, it is likely it will be reported as a respossession. Once you file, it should then report as included in bankruptcy.
If you file and surrender the vehicle in the bankruptcy, it should not be reported as a repossession, but as included in bankruptcy.
Discussing this with an attorney practicing bankruptcy law in your state would be in your best interest, as there may be options to allow you to exempt both the house and motorcycle.
Answered on Apr 19th, 2021 at 8:05 PM