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If debtor transfers snowmobile (sale) but doesn't pay off secured
Debtor sold snowmobile to friend (not a family member) in WI in 3/2015
before he moved to ID because he could not bring it with him. He sold it
for fair value. He failed to pay off the lien with the proceeds and so
continues to pay it so the snowmobile is not repo'd.
There is no equity in snowmobile. Loan is solely in debtor's name. Does
this ongoing payment give CH 7 Tee any right to go after friend,
snowmobile, payments, etc.? Payments are less than $200/month.
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
Debtor sold snowmobile to friend (not a family member) in WI in 3/2015 before he moved to ID because he could not bring it with him. He sold it for fair value. He failed to pay off the lien with the proceeds and so continues to pay it so the snowmobile is not repo'd.There is no equity in snowmobile. Loan is solely in debtor's name. Does this ongoing payment give CH 7 Tee any right to go after friend, snowmobile, payments, etc.? Payments are less than $200/month.
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