Legal Question in Bankruptcy in Indiana
recent purchases and filing bankruptcy
I recently took out a loan to purchase a car and used a motorcycle as collateral. If I chose to reaffirm this debt, could I still keep the car and motorcycle?
Asked on 5/16/02, 12:06 am
2 Answers from Attorneys
Dorene Philpot
Philpot Law Office
Re: recent purchases and filing bankruptcy
Yes.
Answered on 5/16/02, 8:18 am
John Bator
Bator Redman & Shive
Re: recent purchases and filing bankruptcy
Probably-it depends on whether or not the Trustee would consider the cycle to be a luxury item-particularly if the payment is large and the Trustee could argue the money could go to repay creditors. depending on your other debts, Chapter 13 might be an option where you would only have to repay the value of the cycle. Consult a bankruptcy atty-there is no charge for the intial consultation
John Bator
317-685-2426
Answered on 5/16/02, 11:06 am
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