Assets

[HeatherB]

I was in a Chapter 13 converting to a Chapter 7 and was wondering about assets. I am giving up my house and car, but was wondering if they would try to take anything else. (appliances and furniture?) Also, I have a very old and torn apart boat that is in my name (my husband want to work on it and get it running) Right now it doesn't have an engine in it. The entire engine is in the shop. I paid $1000 dollars for it quite a few years back. Now I'm wondering since it's in my name if they will want to take it. (considering it is just an old crappy fishing boat)

Any info?

[HenriettaHen]

Hi Heather - Welcome!

I doubt that the trustee would want to take the boat. What kind of boat is it? How big? If it is not seaworthy at the moment and hasn't an engine in it - does it have a trailer?

I'd call the boat, trailer and engine worth $ 500.00 and exempt it as personal property. It's just a fishing boat.

Anybody else see a problem with that plan?

Why are you giving up the house and car? Would you even WANT the boat? It sounds like you won't have a place to keep it?

[JRScott]

When doing the assets part of a Chapter 7, you list the value if you sold it immediately. Without a motor the boat probably isn't worth to much. You'll need to make sure to list values for your property, what's exempt and what isn't depends largely on your state of residence.

[HeatherB]

Hi Heather - Welcome!

I doubt that the trustee would want to take the boat. What kind of boat is it? How big? If it is not seaworthy at the moment and hasn't an engine in it - does it have a trailer?

I'd call the boat, trailer and engine worth $ 500.00 and exempt it as personal property. It's just a fishing boat.

Anybody else see a problem with that plan?

Why are you giving up the house and car? Would you even WANT the boat? It sounds like you won't have a place to keep it?

You know, I don't even know what kind of boat it is or anything. I do know that it is very old - maybe 10 years, perhaps about 10-14 feet, and does have a trailer (basic, not whistles and bells)

It was tough to give up the house, the car no longer runs. There just isn't a desire to stay here anymore. This place makes me bitter. It needs too much work and is not worth it to me.

I don't want the boat, but my husband is adamant. We are planning on moving to the coast to be near his family. His step-dad fishes all the time and we'll be keeping the boat at his house.

Thank you all for your replies. It does ease my mind.