I think I am going to have a problem in BK
Date: Tue, 03/17/2009 - 19:08
Here is my problem. We bought a motorcycle together brand new a couple of years ago. Both names on this loan. I think I will qualify for Chapter 7 and they are only going to allow me to keep one vehicle. That will be my 2001 paid for truck I use for work.
Well he doesn't want to lose the bike and his credit is trashed too and he also owes the IRS a lot of money in back taxes, like 75-100K. They already have a lien on his house that is going to be foreclosed on. He also owes state taxes of close to 40K. So he would no way be able to refinance the bike. He said he will tell the attroney and judge there is no way they are taking that harley from him.
Am I right, do I have a problem brewing?
sometimes you are allowed to "reaffirm" a debt. meaning you can
sometimes you are allowed to "reaffirm" a debt. meaning you can keep it, but you have to sign some paperwork stating you will continue to pay for it. I would check with your attrny.
It depends on whos name is first on the loan I think. If it is y
It depends on whos name is first on the loan I think. If it is yours then I think you have the say in it. Yes you might be able to reaffirm it.
As far as him, he is screwed. If he owes that much money in taxes there is nothing he can do. He can't discharge them in Bankruptcy.
The only problem I see is if you are still with your boyfriend. Leave his a$$ flat. All I can think of is that the bike will go solely in his name removing you from all liability. He definitely does not have his act together and is going to ruin your life even more.
