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Re:A setback, May have to sell bikes
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TOPIC: Re:A setback, May have to sell bikes
#1027706
drumsonly2002 (User)
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A setback, May have to sell bikes 1 Month ago  
Had a bit of setback businesswise. Without going into details, some of my customers business went bankrupt and caused me partial financial ruin. Thus I may have to declare bankruptcy.

With that being said, if it goes through the bikes will have to be sold. Trying to sort out an honest way to deal with the situation.

Has anyone have advice how to deal with this? It is not like the bikes are worth much. My 06 has a slipping clutch and not mint anymore. The 03 108ci Big Bore has it's quirks, ie: backfires when started at times. Plus I find the regular Joe is weary of a hot rodded non stock bike in this neck of the woods.

Plus the prices of Road Stars are dropping faster than my IQ after 6 beers.

A 15 year old bike, and 12 year old bike ridden hard and put away wet.

The 108ci will be next to impossible to replace. I hate the thought of not riding this summer. Was looking forwards to taking another advance course and doing service calls off the 2006 as a service call bike.

Any advice and experiences appreciated.
 
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#1027707
Deerkiller (User)
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Re:A setback, May have to sell bikes 1 Month ago  
There isnít anything else you can do for income? If Iím not mistaken, youíre Canadien. Not sure how the bankruptcy laws work up there. Hard to believe selling bikes worth next to nothing (relatively speaking) will make a difference.

No other options? I donít know your situation obviously. Just projecting your situation onto my own life and wondering what I would do.
 
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#1027708
drumsonly2002 (User)
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Re:A setback, May have to sell bikes 1 Month ago  
My income is holding in there. I am making all my payments but cannot sustain the next 3 months when business starts to tank. Plus I want the monkey off my back for good.

Apparently, it is illegal to liquefy assets prior to bankruptcy unless it's documented the funds for assets go toward bills.

The bikes are paid for thus no leans on them. My rule is never borrowed money for a bike.

This is a small bump in the road. Maybe I can sell the bikes to a friend then rent them for the summer heh!
 
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Last Edit: 2018/01/20 20:45 By drumsonly2002.
 
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#1027709
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Re:A setback, May have to sell bikes 1 Month ago  
How long after the sale of an asset can you file? You could transfer title then wait until after that period passes to file. Ethical, no but I might try to do it.
 
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#1027712
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Re:A setback, May have to sell bikes 1 Month ago  
--

Keeping in mind that the two bikes might be worth a total of just $2,000. That's not enough to really get far as to keeping you going. I would probably keep them or "loan" them to a friend for awhile since if they were sold at a distressed bankruptcy sale, they probably would go for far less than even the $2,000. These days it doesn't make sense to get rid of a R* unless one is giving up riding for good.

The days of getting any percentage of return on any improvements on these bikes is long past, even if they are in pristine shape.

--
 
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#1027713
drumsonly2002 (User)
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Re:A setback, May have to sell bikes 1 Month ago  
I have one friend that may buy the bikes. Financially I can chug along until the dust settles. Interest on loans is sucking most of my coin but I am hanging in there. I can buy one heck of a bike once I am discharged from BR.

I don't mind selling the bikes, as long as I can buy them back when the dust settles.

I once sold a rare expensive snare drum to a friend and bought it back after 2 years.

From what I understand a BR discharge is 9 to 21 months max. https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02677.html

Once I get discharged, my credit will be hosed but clear sailing as per takehome pay I keep.

If there is a will, there is a way.

Maybe I can convince my pal to start an MC rental business, I will be his first customer. With the music business, you can rent the gear, and a portion goes towards the purchase. It is called an LTR, long term rental.
 
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Last Edit: 2018/01/20 23:45 By drumsonly2002.
 
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#1027715
Father_Pobasturd (User)
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Re:A setback, May have to sell bikes 1 Month ago  
Good thing you didn't buy that Indian you were looking at.


 
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Last Edit: 2018/01/21 01:16 By Father_Pobasturd. Reason: the komojo mushroom people sitting around all day
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#1027717
drumsonly2002 (User)
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Re:A setback, May have to sell bikes 1 Month ago  
I put the breaks on the Indian. Had the big idea of getting it and putting a cam in it to make it sound more like the 108 Road Star. I was going to finance it but got to thinking how stupid that would be coming into winter.

On the last ride of the 108ci bike, after filling the tank and ripping down the highway, got to thinking. If this was an Indian, I could not enjoy it knowing I'll be making payments on it while it sits all winter.

At least I enjoy this Road Star because I owe it nothing. Sort of a code between me and the bike. How can I ride free if I have to make payments? I ride the bike to chill out verses stressed out thinking how to pay for it.

I like Indians but have an impulsive personality thus have to be realistic as per wants versus needs. The Indian would not sound as sweet as the 108 with it's cam/carb combo at idle.

If I take the sale of the bike, give the funds to the trustee, that is legal and proper.

If I end up renting, and whatever side deal is made as a condition of the sale, that is legal.

I guess it boils down to staying within the rules. Some guys I spoke with that went BR had to sell their bikes. The bikes were 15-20k Harleys, not a 3k Road Star. At the low price point and Black Book value, a lot easier to re-attain the bikes after the dust settles. Got to find a friend who will do a rental/buyback deal.

Come to think of it, I could start a company called "Mobile Repairs on 2 Wheels". Outfit the bike with tools like I planned, logo up the hard bags. Sell advertising as per the restaurants' name on the bike somewhere. Ace Burger would love to have their logo on the gas tank. Those guys are into bikes.

Remember the oscar mayer wiener truck? I could have the Ace Burger bike. I got a pal that is a signmaker that could do a great job lettering up the bike. They could add a "Bro Burger" to the menu. Ace Burger has a nice logo that would look great on a bike https://twitter.com/aceburgerco Scroll 14 pictures down to see the entire logo.

The more I think of it, this financial setback may not be as bad as I thought. In the end will have less stress and opportunities to put away funds for retirement.

I think I am going to get into advertising via mobile repairs and gear up a burger bike I need for the new business. A broiled biker burger to perfection with a beer.
 
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Last Edit: 2018/01/21 09:06 By drumsonly2002.
 
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#1027718
MidwestMike (User)
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Re:A setback, May have to sell bikes 1 Month ago  
I'm thinking you have to keep one of them.

The money you get for either won't make a difference,
and while going through this the "wind therapy" the bike has to offer is worth more than the cash you'll get for it.
 
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#1027719
OrygunZ (User)
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Re:A setback, May have to sell bikes 1 Month ago  
Sorry to hear. I know your pain. Hope things work out for you.
 
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