Can i own a motorcycle&a car and still file chapter 7?

Question

Can i own a motorcycle&a car and still file chapter 7?

Answer 1

Sure

Answer 2

sure you can file. but you might lose them.

it depends a lot on how much you owe on the motorcycle/car and if you're behind in your payments.

you may be able to reaffirm the debt and agree to keep paying for them after bankruptcy. most creditors are happy to allow this because then they get paid.

but if you own them completely and owe no money for them, the bankruptcy trustee will sell them and use the money to pay some of your other debt.

you can keep a certain number of assets, but it varies from state to state. in TN, you can keep up to $4000 of your personal property.

you really should talk to a bankruptcy attorney in your state.