What is my liability in bankruptcy for a loan thatI never paid on?
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What is my liability in bankruptcy for a loan thatI never paid on?
I am contemplating Chapter 13 bankruptcy. I purchased a motorcycle from a dealer a couple of years ago and financed it. The dealer must have lost the paperwork because they have never sent me a bill. Can I get into legal trouble over this when I file bankruptcy?
Asked on August 12, 2010 under Bankruptcy Law, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Yes, of course you can get in to trouble if you intentionally do not write down a debt for which you are liable in a proceeding where you are verifying that the debts listed are all your debts you need to reorganize or discharge, unless you do not intend to discharge that debt. And remember that if the debt is not listed then the court has no power to rule on it. And what I am concerned about is that you are in possession of a motorcycle that you have no right to possesses. A red flag should go up here on that one. Moreover, the dealership has a long time to wake up and sue you on the contract - I believe it is 4 years in Texas. Do the right thing. Good luck.
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