Motorcycle or motorcyle parts?

[reagantrooper]

Soc

I know this my be an odd question but I want to stay in bounds with regards to all the forms I may have to fill out. Furthermore I want to be able keep certain things and I dont want the trustie to be able to take stuff the they have no right to.

1. From a legal (bankruptcy) standpoint if I have a motorcyle but this motorcyle is in pieces and parts in a number of boxes do I have a motorcycle or a bunch of parts in boxes?

Thank You!

[socrateaser]

>1. From a legal (bankruptcy) standpoint if I have a motorcyle
>but this motorcyle is in pieces and parts in a number of boxes
>do I have a motorcycle or a bunch of parts in boxes?

1. What did you declare on your bankruptcy petition -- a bike or a box of parts?

2. What, if anything, have you reported to the DMV about the status of the bike?

[reagantrooper]

>>1. From a legal (bankruptcy) standpoint if I have a
>motorcyle
>>but this motorcyle is in pieces and parts in a number of
>boxes
>>do I have a motorcycle or a bunch of parts in boxes?
>
>1. What did you declare on your bankruptcy petition -- a bike
>or a box of parts?
>
>2. What, if anything, have you reported to the DMV about the
>status of the bike?


1. I have not got to that point just yet. I have not filed yet, but short of a lottery win I will be.

2. I have not reported anything to the DMV. The bike is still regiestered. I dont think I have to report anything to them. I will just let the registration expire.

Thanks

[socrateaser]

>1. I have not got to that point just yet. I have not filed
>yet, but short of a lottery win I will be.
>
>2. I have not reported anything to the DMV. The bike is still
>regiestered. I dont think I have to report anything to them. I
>will just let the registration expire.

If you file for bankruptcy and you fail to disclose the existence of an asset, then that asset remains subject to disposition by the court. As a practical matter, if you actually have little or no valuable property, then it's unlikely that you would ever get caught, however, technically, you are toying with committing bankruptcy fraud.

If your specific mental intent in scraping the bike was to use the parts to build a new bike, then there is no fraud. But, if your intent was to avoid the existence of an asset that would otherwise be subject to a bankruptcy proceeding, then that's a fraud, and I cannot advise you to do that -- even if I thought you might be able to get away with it.

My advice is that you declare the bike on your bankruptcy petition, and add the fact that he bike is scrapped for parts, showing its value as a couple hundred bucks. Then, you just wait and see what the bankruptcy trustee says. He/She probably won't want a box of parts, and if you're not challenged, then you're not breaking any laws -- if you are, then, oh well, them's the breaks (or is it the "brakes")!