I am in the process of filing for bankruptcy and have a loan with Harley Credit. It is currently 4 years old and I have never been late. I have been told they may try to repo the bike once the bankruptcy is filed and they recieve the paperwork. Does any one know this for sure? I have kept all the payments ahead and even pay extra trying to get it paid off faster. I can't transfer it to a family member or say I sold it without creating more legal problems. I'm mostly worried that if I bring it in for work at my dealer, they will be notified to keep it and not let me get it out of the shop. That would be a sneak attack! Any ideas or previous experiences along these lines would be appreciated. Thanks.

 

You'll need to "reaffirm" your HD loan. Basically it lets them know that you have no intention of bailing on them and that you mean to keep up on your payments. Your lawyer should be able to help you. They can't just come and take your bike as long as you're current. What they CAN do, I think, is call in the loan and force you to pay it off. If you reaffirm though you should be OK.

 

i agree with stro1965. but to make it better call the loan company yourself. and tell them that you are not fileing agasint them.then less likely they will call the loan on you.

 

Agree with Stro, reaffirm your HD loan in writing and don't include that in your debt settlement. They can call in the loan, but so long as you're current it's unlikely that they'll do that. It might be wise to contact them as well since once you've filed for bankruptcy they are not allowed to contact you in regards to the loan. The lawyer will have the best advice.

 

Visit with your attorney first and foremost. Bankruptcies nowadays are far more complex than they were a year ago. Dependent up your assets and circumstance, your attorney may well tell you to include the HD loan into the bankruptcy filing. This, irrespective of your want or whether or not you are current. Let your lawyer decide what's to your best advantage legally. You won't need to worry about a reposession in that Harley would have to attend your confirmation hearing in order to contest said filing. Once the filing is confirmed by the trustee, there's nothing Harley (or any debtor) can do to you; reposession included.

Again, based upon the reasons for filing, it is sometimes not to your benefit to 'keep' any debts and only include certain ones in the filing. Some attorneys will tell you to include the entire lot. The purpose of a bankruptcy is to give an individual a clean slate financially; removing themselves of finanal hardships. It makes no sense to 'keep' or 'hold' any indebtedness if in fact a bankruptcy filing is inevitable. You are allowed to maintaincertain assets (home, vehicles, cash) when filing for bankruptcy. Also based on what you have, you may be told by your lawyer that you won't be allowed to keep the bike in that it may compromise your filing. But again, this is soley speculation. CONSULT A BOARD CERTIFIED BANKRUPTCY ATTORNEY with this inquiry. Good luck to you regardless.

 

you need to check the rules in your state or province.
When you are with your trustee explain that Harley is a secured party
via there collateral (bike)...
If you list them as a secured creditor and you wish to make payments
as usual there should be no problem...
Your trustee will show in the bankruptcy papers you wish to continue making
payments to Harley....Make sure the trustee does that when he draws up the
papers...Good luck, let us know how you make out....

 

The debt can be reaffirmed with HD at the creditor meeting, most of your creditors will show up and offer deals to you. Google bankruptcy and start reading, keep in mind that there is federal law and each state can add or subtract from that law so make sure you read up on your states bankruptcy law.

An attorney cannot tell you what you can or can't keep only what the trustee will most likely sell to repay your creditors. Sorry you have to go through it, its like public rape and it takes about 6 months to complete.

 

Just be sure with your attorney and HD that you are not including that loan in the BK

 

Anothing thing which is at least worth contemplating. Existing debtors will understandably be concerned as to why you have elected to include them in a bankruptcy filing yet are willing to continue paying others as scheduled? Again, good luck to you.

 

That's a tough one. If the trustee feels that the bike isn't a necessity, they may make you forfeit it as an asset. It used to be easier to be selective of who does or doesn't get paid, statutes have changed. Plenty of advice here to consult your lawyer, that's what you're paying him/her for.