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JoeLawyer
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience:  Attorney in the practice of Bankruptcy Law since 1996
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I filed bankruptcy this year and it was discharged in February.

Customer Question

I filed bankruptcy this year and it was discharged in February. No creditors came forward. I have continued to make payments on my motorcycle but can no longer do so. If I sell the parts to the motorcycle, what legal remedies does the creditor have since they didn't come forward initially? I do understand they can still reposess the motorcycle right now, but if I sell the parts, can they still sue me?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  JoeLawyer replied 4 years ago.
Hi Tony:

Tough question because it covers a lot of gray area. Technically your liability to them was discharged by your bankruptcy case assuming you listed them correctly in your bankruptcy petition, and assuming you did not reaffirm the debt by signing a reaffirmation agreement to keep the debt and filing it with the court.

However, I have seen creditors attempt to sue debtors after a bankruptcy case for fraud if they feel that the debtor failed to give collateral back to the creditor that they surrendered in a bankruptcy case, especially if the debtor sold the collateral while being fully aware the collateral was security for a loan.

When I have clients who have property they did not reaffirm and the creditor has not repossessed it, I usually send the creditor a letter by certified mail, return receipt requested, and I keep a copy for my records, and advise the creditor that they have ten days to repossess the collateral or I will advise my client to do whatever they want with the collateral. If the creditor fails to collect the collateral, then if the client sells it, the creditor has a tough time suing them later when we gave them notice to get it and they failed to do so.

However, if my client sells or disposes of the collateral without giving the creditor a fair opportunity to collect the collateral, then this can get messy.

I suggest you contact your attorney to see what opportunity the creditor has had to get the collateral so you can determine if they may still want it, or if they abandoned it to you.

Sorry I don't have more clear information, but this is one of those crystal ball situations since it is difficult for you or me to predict how some creditor may interpret your actions, so you want to be sure and cover yourself.

Thanks,
Joe

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) Joseph Ross. All rights reserved.
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience: Attorney in the practice of Bankruptcy Law since 1996
JoeLawyer and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.

No letter of reaffirmation was signed and I've been making steady payments since I've had the bike (2006). I can't afford an attorney fee due to a reduction in pay, so I'm hoping that the letter is something I can send on my own.

 

Thank you for your response.

Expert:  JoeLawyer replied 4 years ago.
No problem, if you have any other questions let me know.

Thanks for using JustAnswer.com.

Joe

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) Joseph Ross. All rights reserved.

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