If I had a motorcycle repossessed yesterday that will be sold at auction and I might owe a balance after the sale, can that amount be claimed in a bankruptcy?
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If I had a motorcycle repossessed yesterday that will be sold at auction and I might owe a balance after the sale, can that amount be claimed in a bankruptcy?
Asked on July 9, 2014 under Bankruptcy Law, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Yes, if there is a balance remaining after the auction, that balance could be included in a bankruptcy filing, the same as any other unsecured debt (at that point, since the asset--the motorcycle--securing it has been sold, the remaining balance becomes an unsecured debt).
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