Bankruptcy Qs

[Fatt Kid]

What is the name of your state (only U.S. law)? VA

My ex girlfriend and I have a motorcycle loan together, she is filing bankruptcy. What i would like to know is does she have to include it in her BR and if she does include it would they possibly try to take the bike to get back some of her debt? Any help is appreciated and feel free to ask questions if i forgot something. thank you.

 

[bigun]

She is required to list all creditors.
As long as the bike payments are current and the equity {if any can be exempted} she can keep the bike. I'm assuming she's filing a Chapter 7.
The problem she may have is will the trustee accept the payments a legimate expense. If she has a auto loan as well that may be a problem.
I'm sure her lawyer will explain all of this to her.
One thing for you to consider is, if the bike were to be surrendered you become solely responsible for the payments.

 

[Fatt Kid]

She is required to list all creditors.
As long as the bike payments are current and the equity {if any can be exempted} she can keep the bike. I'm assuming she's filing a Chapter 7.
The problem she may have is will the trustee accept the payments a legimate expense. If she has a auto loan as well that may be a problem.
I'm sure her lawyer will explain all of this to her.
One thing for you to consider is, if the bike were to be surrendered you become solely responsible for the payments.

Bigun
First thanks for the help. Bike payments are current, She has no car loan and no assets(other than the bike maybe?) I pay for the bike she never has never will and there is some equity in it, worth about 7k and only 2k owed, and i have no problem paying for it but she wont sign papers so i can register it, i would love to be solely responsible but she wont let me, she tells me in order for her to put it in her BR and get her name off of it she wants half of the value of the bike from me. Anything i can do?

 

[bigun]

She can't transfer assets to an insider within 2 yeras of filing. If she does, thetrustee can sue you for the return of the bike.
She has no choice but to include the lender in her bk. If she doesn't, she jeopardizes her bk.
Register for a pacer account and when she files, pull up the creditor matrix and if the lender isn't listed, inform the trustee.

PACER Service Center Home Page

Your options and hers are pretty limited.