Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Can I Keep my Motorcycle in a Missouri or Illinois Chapter 7 Bankruptcy?

When you hire a St. Louis bankruptcy attorney, his or her primary responsibility should be to protect the property you want to keep. I’ve recently become a motorcycle owner, and I can see why it is so important for people to keep their motorcycle! A motorcycle isn’t like any other vehicle—it is a way of life.

There are, however, some tough decisions that many people are forced to make when in debt.  If you are thinking about an Illinois or Missouri Chapter 7, you may be able to keep your motorcycle by reaffirming the debt owed against it, but only after you’ve showed the court—and yourself—that this particular loan payment will not create an undue hardship.  What do I mean by that?

Ask yourself: Can I really afford this motorcycle payment or will the loan payment put me right back in the same spot I was before filing? The court likely will ask you the same question. If you are honest with yourself, you can probably guess what the court will decide.

Living in debt is not easy. We must make tough choices to get out of debt. But, in the end those choices just may be what take us closer to the life we envisioned for ourselves. However, there is no need to assume you will lose everything you own or that is important to you if you file a Missouri or Illinois Chapter 7 bankruptcy. This is simply not the case for many people.

To learn more about Missouri or Illinois bankruptcy and how it can help you, request a free copy of my Illinois and Missouri bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.”