Hi,
I am in the pre-planning stages for a future ch 7. I am current on all my debt but that won't last long. My mortgage is upside down to the tune of $100-200K, but we plan to keep the house. I have 2 car payments, upside down +1 paid for worth about $2K. I also have a 3 year old RV, worth mabee 20K, and a couple of quads worth mabee 3K. I was hoping to exempt these under the Wild card, as Ca's is higher than most, and i have no equity in my property to protect. Will the trustee force sale of these assets, or could I pay him the difference in the value minus the wild card ?? Hope someone has encountered this situation.
I am in the pre-planning stages for a future ch 7. I am current on all my debt but that won't last long. My mortgage is upside down to the tune of $100-200K, but we plan to keep the house. I have 2 car payments, upside down +1 paid for worth about $2K. I also have a 3 year old RV, worth mabee 20K, and a couple of quads worth mabee 3K. I was hoping to exempt these under the Wild card, as Ca's is higher than most, and i have no equity in my property to protect. Will the trustee force sale of these assets, or could I pay him the difference in the value minus the wild card ?? Hope someone has encountered this situation.