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| *Vultures Knob>>>Dirt Bike |
Chapter 7??? |
Are you allowed to keep things that are paid off like dirt bikes? (washington) It would depend on how the Trustee determines what the dirt bike is. That is a Primary Vehicle or "Luxury" item. There is a Motor vehicle exemption that allows up to $2,500 for 1 vehicle( or $5,000 if you and your spouse have 2 vehicles and they are in both of your names). This was really ment for your primary vehicles. If you don't have another car you might be able to convice the trustee that the dirt bike is your primary vehicle. The other exemptions are the Household Goods Exemption. That is only $2,700, and includes everything else in your house. Or a "wildcard" exemption that allows for up to $2,000 if it does not fall into other categories. If you attempt to lower the value of the bike to get it under these exemptions you would have to have justification for the price you gave it. Ideally you should talk to a lawyer in WA about your situation. As it is now also harder to declare a Chapter 7 bankruptcy. Most lawyers will give you at least a free inital consultation. Source(s): http://www.legalhelpers.com/legal_helper... You are allowed an exemption of $5,000 for personal property if you qualify for chapter 7. The amount of tangible assets you can keep when you file for chapter 7 bankruptcy is minimal. You are entitled to your home and a vehicle. Second vehicle, investment properties, antiques and more will all be sold to satisfy some of your creditors. www.americafinancialsolutions.... You have part of the answer. The thing about chapter 7 is that you must list all personal property like your dirt bike, furniture, cars etc. What most people do not know is that you get to assign the value to these items and you can use whats called garage sale values. So your $2,000.00 bike is now worth $200.00. Finance Manager for over 7-years chapter 7 in 2001. |
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