i recently totaled my motorcycle and i will be filing bankruptcy, what will happen?

i recently totaled my motorcycle and i will be filing bankruptcy, what will happen? it was my only assest, and i didnt have full coverage on it at the time.
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Answers (2)

Michael D O'Brien

Michael D O'Brien

Contributor Level 4
If you had a loan against the motorcycle then you will need to list the creditor in your bankruptcy schedules and that should be the end of it. If you had no loan against it then all that happened was you reduced the value of an asset that could have been liquidated in your case (thus making it less likely a bankruptcy trustee would take and sell the bike to repay your creditors.) The bankruptcy trustee cannot bring any claim against you for failing to maintain full coverage insurance - I assume since you will be filing bankruptcy that the reason you did not have full coverage was you couldn't afford it.
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David Michael Benson

David Michael Benson Avvo Pro

Contributor Level 4
What will happens depends on the circumstances surrounding the motorcycle and the accident. If you have a loan on the motorcycle, you will have to list them as a creditor. If you are liable to another party as a result of the accident, you will have to list that injured party as a creditor as well. If you were drunk at the time of the accident, you may not be able to discharge certain debts associated with the accident. If you have no debt on the motorcycle and you are not liable to another party as a result of the accident, the timing of your bankruptcy filing may impact the amount of insurance proceeds you must disgorge to the trustee.
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