It’s summer and for some of us gearheads, the thought of summer brings to mind the excitement of motorcycles and cars and tearing down the open road. We may even have one in our garage or driveway.

I have a 17-year-old Mazda Miata and a newer, small, inexpensive Honda 500 cc motorcycle. I love to take them out on a sunny, not-too-hot day but unfortunately, I don’t get much time. So, taking them to work is usually the best I can do.

Our clients love their cars and motorcycles. One of the first things I hear from them is “I’m not doing anything if I am going to lose my . . .”

I understand.

Most of our clients just can’t afford to be without a reliable car. Some of our clients are a bit like me and have a fun vehicle in addition to their daily driver. Another group rides their motorcycles or drives their sports-type cars for everyday transportation and don’t have a vehicle that has 136,000 miles on it.

We Hear You

We will not file anything that results in your losing a vehicle unless:

1. You want to give the vehicle up and pursue another option. Sometimes the payments are too high, the vehicle is unreliable, or the balance is overwhelming and you would like to get another vehicle. We can generally accommodate this.
2. You have a great deal of equity in your vehicle and we can’t protect it. This happens sometimes but we would talk to you about it before any papers are filed. I have a client with a rare Corvette but he doesn’t own anything else. I told him that I would be unable to protect his vehicle that is worth at least $35,000 if he files a Chapter 7. In situations like this, we can often protect them in a Chapter 13.
3. You are so far behind in payments and you have no way of bringing the payments up to date. Chapter 13 gives you the right to bring these payments up to date if you qualify for it. So, this is a good option to consider.

Don’t assume the worst because someone told you that you will lose your motorcycle or sports car if you file bankruptcy. Those situations are rare and we would let you know if there was any chance of losing your fun vehicle.

Before making a decision, make sure you consult the experienced bankruptcy attorneys at Steidl & Steinberg. We understand how scary the thought of losing a beloved vehicle can be. We will explore all your options before helping you to make a decision to file for bankruptcy.