QUESTION
What could I do about a motorcycle credit card debt?
Asked on Aug 20th, 2015 on Bankruptcy - New York
More details to this question:
I signed for an ex-boyfriend to get a motorcycle in 2012 and we were both under the age of 21 but he was still not required to get insurance on the motorcycle, he crashed in a month after and left me with the broken bike and the payment. When I signed for the bike it was under a credit card not an auto loan. I took him to court and won because he signed a promissory note stating he would pay the full amount. I have tried to garnish his wages but he keeps moving jobs. I recently had twin babies and am a single mother and cannot make payments on the motorcycle. They came to reprocess it but found out it was crashed and didn’t take it. I am worried they will garnish my pay checks and take my income tax. Can they do that?
4 ANSWERS
They have to sue you and obtain a court judgment first. Lots of creditors that finance purchases through their store accounts use the financing in what appears to be the form of a credit card. In fact, the financing terms are really not different from the terms of any run of the mill car loan. It helps to read the fine print. Furniture and appliance stores, jewelers, electronics stores, and yes, the local motorcycle shop, all finance using a card to indicate the account but without the terms that credit cards typically involve because they retain the right to repossess.
Answered on Aug 21st, 2015 at 1:18 PM
2 Awards
You are liable for the debt, so just like you are attempting to collect from your ex the creditor is entitled to collect from you. You can negotiate payments or seek bankruptcy protection.
Answered on Aug 21st, 2015 at 11:42 AM
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They can garnish your paycheck a but they can't take your income tax refund.
Answered on Aug 21st, 2015 at 9:37 AM
You can file for bankruptcy protection and you will not be liable on the debt for the motorcycle as long as the motorcycle is given back or is gone.
Answered on Aug 20th, 2015 at 2:39 PM