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Bk Ch7 in Calif. can I keep small plane Cesna?

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  • Bk Ch7 in Calif. can I keep small plane Cesna?

    Hello All,

    I am thinking of filing for Ch.7 in California. I am currently unemployed and work only odd jobs or sell things online (no regualr income), just enough to get by due to health, etc. I don't have much in terms of assets except one thing I co-own with a family member. We co-own a small aircraft single-engine plane (Cesna). We do NOT owe anything on it; haven't for a long time. All paid off. I only own about 50% of it which brings it to value of about $30k-$35k for me. I owe about $70,000 in debt, some of which is a tax lien (not on yearly taxes). If I do not owe any other property of value, other than my old car worth about $3,500-$4,000.

    --- Will the Trustee allow me to keep the aircraft? Or will they make us sell it for my half to pay off debt?
    --If there is an exemption, can someone tell me which one covers the $30k-$35K.
    Thanks to all.

  • #2
    Can't offer much advice....however it is spelled CESSNA

    Must be a C-172 or older 182? I am filing CH13 soon and hope to keep a boat. In 7 I do not think you will be able to hold onto that A/C. Why not sell the 1/2 interest to the other family memeber?

    Comment


    • #3
      Flying, Rule No. 10: Don't correct posters. It is deemed offensive. LOL. Seriously, though. I've seen fights over this. To add, how can they sell your half of a plane I wonder? I think you're OK.
      Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!

      Comment


      • #4
        Originally posted by Equaljstc View Post
        Hello All,

        I am thinking of filing for Ch.7 in California. I am currently unemployed and work only odd jobs or sell things online (no regualr income), just enough to get by due to health, etc. I don't have much in terms of assets except one thing I co-own with a family member. We co-own a small aircraft single-engine plane (Cesna). We do NOT owe anything on it; haven't for a long time. All paid off. I only own about 50% of it which brings it to value of about $30k-$35k for me. I owe about $70,000 in debt, some of which is a tax lien (not on yearly taxes). If I do not owe any other property of value, other than my old car worth about $3,500-$4,000.

        --- Will the Trustee allow me to keep the aircraft? Or will they make us sell it for my half to pay off debt?
        --If there is an exemption, can someone tell me which one covers the $30k-$35K.
        Thanks to all.
        nope...but i can owe it...i'm discharged...so fly it out here to me..i really always wanted to say i owned an airplane at a cocktail party...now seems about the right time.
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

        Comment


        • #5
          C-E-S-S-N-A

          Sorry about correcting the spelling! I didn't mean to be cruel.....

          I have a nice Hangar Home on a Fly In community that I will sell you cheap if anyone needs to keep a plane right at their house. I am letting the house go in my CH13

          Comment


          • #6
            How do you co-own it? Is it a partnership, is the partnership a business?

            You may be able to use one of the exemption schemes to exempt some of your part. The interesting things is that the other persons equity is exempt, and if soem of yours is exempt, then it may not be worth it to take and sell.

            I think in one of the exemption schemes you have a 15,000 wildcard. If the aricraft was worth 70, your half is worth 35, and 15 of your 35 is exempt, then the trustee would have to sell the aircraft and give you 15, and the other person 35, they would be able to get 20 at most. Maybe the market is down, maybe the value is lower, you can probably redeem your equity for much less than you think

            if the cessna is worth 60, your half worth 30, with 15 exempt, then your equity is worth 15, minus the costs of selling it, the trustee may well take half of that to avoid the costs, you pay maybe 5-10 thousand and keep it.

            But if it is a business partnership there may be other exemptions.

            You will need an attorney in any case, they can give you guidance and leverage if you need to negotiate with the trustee.

            ONE more thing, don't sell it to a family member or any insider for less than full value, talk to an attorney!

            Comment


            • #7
              I live in California and we have one option in which we have a $22k wild card exemption, in which which pretty much anything can fall under.
              Filed Pro Se Ch. 7 on 7/7/10 341 Meeting 8/19/10
              Last Day for Objections 10/18/10 Discharged to a Fresh New Start 11/1/10

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              • #8
                I think that if you apply the wildcard to the aircraft you could probably buy the non-exempt equity from the trustee for lower than you might think considering the trustee would have significant costs in marketing and selling the aircraft. The trustee may even abandon the asset.

                Consider aircraft value of 60,000, your share might be 30,000. If the costs to sell the aircraft were 10% that would be $6000.

                30,000 - 22,000 exemption - 6000 selling costs = 2000 if the trustee sells the aircraft and pays the other owner their equity and your non-exempt
                equity to you.

                I would definitely consult an attorney, because if you do need to buy it you want someone representing you. An attorney would also likely
                know whether a trustee would abandon such an asset. You might have nothing to worry about or a small amount you would need to come up
                with. Perhaps from a 401k or retirement plan .

                Comment


                • #9
                  The plane will most likely be on the Trustee's RADAR, lol. From my reading, I concur with chrisdfw above. You most likely will have to pay the trustee a couple of thousand dollars, or maybe they will abandon it? Good luck.

                  Comment


                  • #10
                    Good one Protected. trustees radar!!!
                    filed: 8/10 ...341:10/8/10 ... Discharged & Close: 12/9/10
                    "Nothing is easy to the unwilling" Thomas Fuller

                    Comment

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