We filled Chapter 7 bankruptcy in 2007 in the state of WI. We have a motorcycle that has not been repossessed by the creditor. Is there a statue of limitations for the creditor to repossess the property before we can petition for the title?
Answer
No; unfortunately, title liens never expire (at least not until the vehicle itself expires), since they are a form of quasi-ownership, which is potentially superior to that of the borrower, any time after the borrower defaults on the loan. However, I am only guessing that you are referring to a perfected title lien here. Some other types of liens or rights might expire, depending upon what type of creditor you are referring to..
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