US Legal Forms
Legal Resources
Questions & Answers
Bankruptcy
If I am in bankruptcy and behind on payments for motorcycle, will I lose the motorcycle?

If I am in bankruptcy and behind on payments for motorcycle, will I lose the motorcycle?

Q: Can a lender repossess my motorcycle during Chapter 13 bankruptcy?

Yes, a lender can repossess your motorcycle during Chapter 13 bankruptcy if you fail to make the required payments. It's crucial to adhere to your payment plan and communicate with your lender to prevent repossession.

Q: How long does a lender wait before repossessing a motorcycle?

The timeline for repossession can vary by lender and state laws. Generally, lenders may start the repossession process after you miss a payment. It's important to stay in touch with your lender and make payments on time to avoid this situation.

Q: What should I do if I'm behind on my motorcycle payments and filed for bankruptcy?

If you're behind on motorcycle payments and have filed for bankruptcy, focus on your Chapter 13 repayment plan. This allows you to catch up on missed payments over time. Communicate with your lender to understand your options and ensure you stay on track with payments.

Full question:

I currently have two motorcycle loans, one current, and one behind, I intend to bring other current, finance co got notice of my ch 13, will I loose the bike that is behind? and how much time do I have before the send it out for repo?

Category: Bankruptcy
Date: 04/07/2025
State: California

Answer:

Please see the information at the following links:

http://definitions.uslegal.com/n/non-exempt/

http://definitions.uslegal.com/r/repossession-of-auto/

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What happens to my motorcycle loan if I file for Chapter 13 bankruptcy?

When you file for Chapter 13 bankruptcy, you can often keep your motorcycle even if you're behind on payments. This process allows you to reorganize your debts and catch up on missed payments over time. However, you must stay current on your payment plan to avoid repossession.