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    #1

    Transferring property

    I plan on filing BK 7 alone, not with my spouse. Like I previously posted I have a boat in my name, that is my husbands and his friends boat I only took out the loan since at the time I had good credit. My lawyer told me NOT to transfer or sell the boat or I would get into trouble. I can't risk losing the boat since it truly isn't mine. I have to hold off on filing now because of this boat. I THOUGHT my husbands friend had good credit BUT he couldn't get a loan in his name now. My husband can. If he gets a loan and puts in his name how long until I have to wait until I file? A year? If it's in his name and I am filing will it be an issue? An asset for me if it's in his name?

    If anyone has any experience with this sort of thing please let me know.

    My lawyer says it shouldn't be a problem since the boat is over 20 years old and has little or no equity, but I just can't take the chance with them taking it since it's my husbands boat & his friends. They've been partners for about 5 years. His friend makes half the payment each month and I can't let the boat suddenly disappear.

    I might be able to have some one OTHER than my husband take out a new loan, but I am not sure yet.
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    #2
    Your friend, and husband could attempt a pay through on their boat. I you are lucky, the Trustee may abandon this old boat. It is not fair that they have ridden your credit and you must now be penalized, but if "friends" credit is so bad that he cannot get a loan, there is more to this.

    Perhaps confront with "friend" and ask if he will take up the payment with a pay through. Otherwise, if he will not, let it go.

    I'll bet the Trustee will abandon it. There really is not market for boats that old in this economy. I hope this helps, and remember it is an opinion. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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      #3
      Well, my my husband and his friend haven't damaged my credit. This loan is paid each and every month by them. My credit was damaged because of my own doing, losing my job etc.

      I can't let the trustee take the boat since the friend doesn't know about me filing (I am hoping that people DON'T find out). He has paid for about 5 years on the boat each and every month I can't just let the boat "go". I would think that the friend would want me to pay him half the value, which I don't have. I just want to see if I was to put it in my husbands name if it would be a problem and how far back they look. Is it a year? Six months? Then I would have to wait it out.

      I DON'T think that the trustee would want it due to the economy and the boat being so old, no trailer, etc. but it's a chance I can't take. My attorney seems to think it would be "fine" but can't guarantee, of course them not wanting it.

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        #4
        Originally posted by ChrissyF View Post
        Well, my my husband and his friend haven't damaged my credit. This loan is paid each and every month by them. My credit was damaged because of my own doing, losing my job etc.

        I can't let the trustee take the boat since the friend doesn't know about me filing (I am hoping that people DON'T find out). He has paid for about 5 years on the boat each and every month I can't just let the boat "go". I would think that the friend would want me to pay him half the value, which I don't have. I just want to see if I was to put it in my husbands name if it would be a problem and how far back they look. Is it a year? Six months? Then I would have to wait it out.

        I DON'T think that the trustee would want it due to the economy and the boat being so old, no trailer, etc. but it's a chance I can't take. My attorney seems to think it would be "fine" but can't guarantee, of course them not wanting it.
        OK, it is secured debt and is the mortgage in your name? Yes it is. I doubt there is equity enough for the Trustee to want it unless it was paid off. You can put your intent to pay through and if the Trustee does not like that idea, reaffirm the note. That is tantamount to cosigning though and you personally will be responsible if they don't pay. It is still up to the Judge to approve the reaffirm but I doubt he would not.

        I'm sure you won't do this again. LOL. The problem is not as big as you think it is. Follow your lawyers advice. Make him aware of what you told us. 'Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

        Comment

          #5
          OK, it is secured debt and is the mortgage in your name? Yes it is. I doubt there is equity enough for the Trustee to want it unless it was paid off. You can put your intent to pay through and if the Trustee does not like that idea, reaffirm the note. That is tantamount to cosigning though and you personally will be responsible if they don't pay. It is still up to the Judge to approve the reaffirm but I doubt he would not.

          I'm sure you won't do this again. LOL. The problem is not as big as you think it is. Follow your lawyers advice. Make him aware of what you told us. 'Hub
          The mortgage is in my name. My lawyer doesn't think they would want it. I'm just stressed over it.
          The boat has a loan of $7,500 left on it and I think the boat is worth anywhere between $8K-10K. On line that's what blue book says & that's in great condition, I think I would consider it in good condition. I just think it would be harder for them to sell & wouldn't want to be bothered with it, but I'm not sure. With the price of gas & everything else, last year most people didn't put their boats in the water. I don't think many people are buying boats.

          If I put intent to pay through or that I want to reaffirm do you think they would rather me keep it or would that draw more attention to it?

          Comment

            #6
            Originally posted by ChrissyF View Post
            The mortgage is in my name. My lawyer doesn't think they would want it. I'm just stressed over it.
            The boat has a loan of $7,500 left on it and I think the boat is worth anywhere between $8K-10K. On line that's what blue book says & that's in great condition, I think I would consider it in good condition. I just think it would be harder for them to sell & wouldn't want to be bothered with it, but I'm not sure. With the price of gas & everything else, last year most people didn't put their boats in the water. I don't think many people are buying boats.

            If I put intent to pay through or that I want to reaffirm do you think they would rather me keep it or would that draw more attention to it?
            The "golden rule" is ask your lawyer. I think you are worrying too much. That boat is going to be impossible to sell for you or Trustee. It is a luxury item and there are a glut of boats and cars on the market due to the economy. If the Trustee asks, tell the truth that it is in your name due to...... etc. You assumed other people's responsibility. I'm not judging you, I too cosigned and lost my arse when the "friend" defaulted. 'Hub

            P.S. if it is worth 8-10K and 7.5K is owed, the Trustee will not be bothered with it.
            If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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