Legal Question in Bankruptcy in Nevada

bought a watercraft from someone who is now filing for chapter 13

I bought a used watercraft from someone in nevada and they said they would have to get a hold of the bank and get the title sent to me. A week later i emailed them regarding the title so i could register it in CA and they replied that they were filing chapter 13 and teh court would decide how much the bank would get, and then the bank would send me the title.They said i shouldnt have a problem getting it registered with the bill of sale. In CA u need the title, so they wont register it.How do i go about getting the title as their bank wont give me any info on if they paid it off or not? Am i screwed with a $5000 seadoo that isnt legaly mine? What should be my next step? Help!


Asked on 4/21/09, 2:33 pm

2 Answers from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Re: bought a watercraft from someone who is now filing for chapter 13

Madhu Kalra gave you good advice but I am sure that you have no clue how to do it. I am licensed both in California and Nevada and can help you resolve this. I would charge three hundred dollars to look at the person's bankruptcy paperwork and then I can give you a better idea of the total price.

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Answered on 4/22/09, 10:03 am
Madhu Kalra Kalra Law Firm

Re: bought a watercraft from someone who is now filing for chapter 13

You can get the information regarding the secured creditor- who has lien upon the watercraft, by examining their bankruptcy, schedules. Also, what is the amount owed to the creditor, if $5000/- was turned over to the bank/secured lender. What's the balance.

Check, if they have listed, sale of the watercraft on their statement of affairs and schedule B.

If you do not have watercraft, consider filing proof of claim, with hope to get it back. You should file and objection to plan, in a timely fashion, at least 7- 10 days before the confirmation hearing, and see, plan provides for immediate repayment of $5000/- or bank if paid $5000/- and debtor pay the the outstanding payments, and seek title in your name upon plan payments confirmation, debtor either refund your money/ or pay your bill 100% over the period of the plan, ofcourse, in exchange of return of the vehicle.

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Answered on 4/21/09, 5:36 pm


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