Am I going to lose my toys (4 wheelers and dirt bikes) if I file bankruptcy?

Yes. Maybe.
If you file a chapter 7 and owe more than they are worth, then you can reaffirm the debt and keep them. The trustee doesn’t want them because they have no value.
If you file a chapter 7 and own them free and clear, then the trustee will sell them off to pay creditors. That means that I will usually advise you to sell them off prior to going bankrupt and then spend the money on exempt items, like food storage, clothing, and attorney’s fees (I don’t mind getting paid).
If you file a chapter 13, it’s more complicated.
If you own them free and clear, then you’ll have to pay their value into your plan. In other words, if you have $3,000 of toys, the chapter 13 trustee will run a liquidation analysis and will require that we pay a pot of at least $3,000 to our unsecured creditors.
If you owe money on them, it’s awful. If you try to keep them, you’ll have to pay the loans on them and pay double that amount to your unsecured creditors. So, if your payment on the loans is $150 a month, then the trustee will require that you pay the $150 a month to the secured toy creditors, and you’ll have to pay another $150 a month into the pool of money for unsecured creditors.
If you want to give them up, then you simply surrender them in the bankruptcy.
This is not legal advice. If you need legal help, call 801-980-1313

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