i recently totaled my motorcycle and i will be filing bankruptcy, what will happen?
Lexington, SC
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Posted about 1 month ago in Bankruptcy / Chapter 7
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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.
Answers (2)Michael D O'Brien
This attorney is licensed in Oregon and 2 other states.
Posted about 1 month ago.
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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.
David Michael Benson
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