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  1. #1
    Join Date
    Apr 2018
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    2

    Default ATV Was Not Repossessed After Bankruptcy

    My bankruptcty has been discharged for many months. I havent made a payment on the ATV in question since august-september. The atv was on a polaris card but I filed on everything, everything has been wrapped up, my suv was picked up 2 months ago. I even had it for a bit... but no word, no calls, no emails its like no one cares about this ATV. I dont want it, no title for it but I have family members wanting to buy it. Question is... sell or hang onto it for few more months? Is it normal for banks to just not bother with ATVs after chap 7? The ATV still books for $3,800.

  2. #2
    Join Date
    Oct 2006
    Posts
    16,255

    Default Re: Atv Not Collected

    Quote Quoting chris777
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    My bankruptcty has been discharged for many months. I havent made a payment on the ATV in question since august-september. The atv was on a polaris card but I filed on everything, everything has been wrapped up, my suv was picked up 2 months ago. I even had it for a bit... but no word, no calls, no emails its like no one cares about this ATV. I dont want it, no title for it but I have family members wanting to buy it. Question is... sell or hang onto it for few more months? Is it normal for banks to just not bother with ATVs after chap 7? The ATV still books for $3,800.
    Are you saying that you paid for the ATV on a credit card? In that case, the original seller got paid so there would not be a lien on the ATV. Was the ATV listed as an asset in your Chapter 7? If there is no lien, and if the trustee in your chapter 7 did not choose to take the ATV then you should be able to do what you want with it.

    However, if there is a lien on it then you cannot.

  3. #3
    Join Date
    Apr 2018
    Posts
    2

    Default Re: Atv Not Collected

    Thanks for replying, I know there was a lien on it and lawyer filed it as a asset. Couple months before applying for bankruptcy the polaris stopped doing credit cards as a company. I dunno if that plays a factor or not but my bankruptcy was discharged in January.

  4. #4
    Join Date
    Oct 2006
    Posts
    16,255

    Default Re: Atv Not Collected

    Quote Quoting chris777
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    Thanks for replying, I know there was a lien on it and lawyer filed it as a asset. Couple months before applying for bankruptcy the polaris stopped doing credit cards as a company. I dunno if that plays a factor or not but my bankruptcy was discharged in January.
    Then it must have a title, because otherwise how could a lien be recorded on it? Could it be titled and you have chosen not to do so? If so, you might want to attempt to title it to see if someone can.

  5. #5
    Join Date
    Sep 2005
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    98,846

    Default Re: Atv Not Collected

    There could be a purchase money security interest if the seller financed the transaction; but we're not going to solve this conundrum by guessing. I suggest seeking clarification from your bankruptcy lawyer.

  6. #6
    Join Date
    Oct 2014
    Posts
    8,023

    Default Re: Atv Not Collected

    Quote Quoting llworking
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    Then it must have a title, because otherwise how could a lien be recorded on it?
    Any property may be subject to a lien, not just those with recorded title.

  7. #7
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    Sep 2005
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    98,846

    Default Re: Atv Not Collected

    Quote Quoting Taxing Matters
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    Any property may be subject to a lien, not just those with recorded title.
    True. Here, though, the lien would have had to be acknowledged in the original bankruptcy filing, or it would have had to be asserted by the creditor during the bankruptcy proceeding. I'm assuming the former, because if the creditor challenged discharge it is difficult to believe that the creditor would later neglect to recover the property. While other possibilities exist, I suspect that llworking is correct in her inference that the ATV is a titled vehicle.

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