Thinking about filing 13...have a few questions..

[help4mydebt]

Hello! I am new here and have a few questions.

My husband and his brother in law purchased a set of jet ski's. They are in both of their names. The brother in law has them and has made the payments on them for over a year. If we file Chapter 13, would they have to give them back, since it is included on my husband's credit? Or would they be okay since they make the payments?

Any help/advice would be appreciated.

Thanks.

[daytona]

I would think that since they are in both names and the payments are current then they could be kept. Especially since the Brother in law is making the payments anyway...technically he would be on the hook for them if your husband surrended them...an attorney would know this pretty easily.

[help4mydebt]

Thanks for your response! I appreciate it!

[ccfriend]

Is the brother in law still making payments on them or are they paid off?

[justbroke]

Yes, the brother-in-law would then become responsible and could keep them so long as he continued to pay.

[MSbklawyer]

Yes, the brother-in-law would then become responsible and could keep them so long as he continued to pay.

But what about her husband's equity? His part ownership. Even though the brother in law is making the payments, her husband's share of the equity in the equipment is an asset that he would have to find some way to exempt or pay the trustee the equivalent value? Right?

[justbroke]

But what about her husband's equity? His part ownership. Even though the brother in law is making the payments, her husband's share of the equity in the equipment is an asset that he would have to find some way to exempt or pay the trustee the equivalent value? Right?

I assume, when I answered, that there was no equity. Maybe bad on my part. Otherwise, the Trustee may want a piece, as normal. However, if there's no equity at the time the petition is filed, then this becomes moot.

[MSbklawyer]

I assume, when I answered, that there was no equity. Maybe bad on my part.

No I'm sure you're right. No/negative equity is almost certainly the case with sport equipment such as this.

[help4mydebt]

Yes, the brother in law is still making the payments and there is no equity in them at all. As a matter of fact, they are 'upside down', so to speak.

[justbroke]

No I'm sure you're right. No/negative equity is almost certainly the case with sport equipment such as this.

You know, now you have me thinking. That tyep of equipment is actually registered in all States that I know of. That means there's a title. There may be title issues. May need to have it retitled. This could be simple if the two brothers' names appear on the title connected by "or" as that's joint tenancy.