Question about Sale of Assets

[ScaredinPA]

We have a home and two vehicles which would be exempt. My husband also owns a motorcycle and a boat. The motorcycle is a 1981 Kawasaki and the boat is about 20 years old.

Do you think these will be sold by the Trustee?

[lilkim]

are you filing ch.7 or 13?

[ScaredinPA]

We are filing Chapter 7. I would say the combined value of both the boat and the motorcycle is approx. $750.00

[lilkim]

we are in your shoes, we are filing 7 also, we too have a boat, it is a 1991. hoping we can keep it. so, i assume you are planning on keeping your home,? we are, so far we are current on our payments so hopefully we will be okay, we can not lose our home!!!

keep me informed on what you learn, and i will do the same for you, i am new at this and scared to death!!!

[HHM]

You can kiss the boat and motorcycle goodbye. If there is no way to exempt it, and there is some value, the trustee will want it.

However, on items like this where the auction value may be minimal, you can work out a deal to buy it back from trustee.

Good luck.

[CCareEvil]

I doubt the trustee will want the motorcycle or the baot. These two items have such little value, that it really wouldn't be worth the effort. They would probably just fall under household goods.

[HHM]

It will just depend on how aggressive the trustee is. I have seen trustees take junker cars worth less than $1000, so it really just depends.

[Minnymouth]

HHM - your so right about that!!!!

Trustee took old car that didn't even run to resell and it 20 years old because it was a 2nd car.

So don't bet on the "no value" idea........

Minny