Horse question

[Horse of Course]

My 10 year old daughter has a pony that we board at a local stable. She also takes riding lessons. Will filing bankruptcy affect her and her pony????

[stressin]

I don't know all of the specifics, but I did have to list my dogs as assets on my paperwork. They don't have papers or anything, so we put $50 for all three of them--it's hard to even GIVE dogs away, let alone sell them.

Chances are that you would be able to exempt the pony, I have no idea about the stable fees, etc.

Hopefully someone else will have more information.

[Horse of Course]

Thank you stressin so much for your reply. I have to admit I'm very worried about my daughter's pony and riding lessons. I feel that the pony will be exempt. We hope to file a chapter 7. She's just a regular pony that we paid under $1000 for. I don't want to get slammed by everyone by telling you how much we spend for horse boarding and riding lessons, but I guess I will. Horse boarding is $300 a month and riding lessons are $350 a month. I don't want my daughter to lose her pony and riding lessons (riding lessons keep her safe), by the mishandling of money by my husband and myself.

[Flamingo]

The horse may not be the problem (you may have to list it as an asset). The question is the boarding and riding lessons. Believe me, I know the cost of both - I rode and owned a horse in the late 60's/early 70's during high school and boarding then was over $100.00 per month. I worked at the stable on weekends to pay for my horse's boarding fees there. I also taught riding to offset other costs associated with boarding there and vet fees (I see you didn't list those). So it was a win-win for both. You will need to discuss this matter with an attorney as to your particular situation here since it involves your young daughter. To get correct information for yourself and for being in DC, I would make an appointment with a BK attorney to find out exactly would occur in your situation.

I hope all works out for you....

[itneverends]

Thank you stressin so much for your reply. I have to admit I'm very worried about my daughter's pony and riding lessons. I feel that the pony will be exempt. We hope to file a chapter 7. She's just a regular pony that we paid under $1000 for. I don't want to get slammed by everyone by telling you how much we spend for horse boarding and riding lessons, but I guess I will. Horse boarding is $300 a month and riding lessons are $350 a month. I don't want my daughter to lose her pony and riding lessons (riding lessons keep her safe), by the mishandling of money by my husband and myself.

Based on everything I have seen it will not be an allowable expense for either the means test or the disposable income calculations in a Ch 13. So it is not as much a question of what the pony is worth, but what it is costing you ongoing. The trustee is probably going to take the position that if you have enough income to fund $650/ month for a pony; you have disposable income to fund a Ch13. $650 x's 60 month's is $39K and they will want that to go to the creditors.

To put it in perspective, I am in a Ch 13 and when I filed 3 yrs ago, my trustee did not like car payments over $300 a month.

[AngelinaCat]

We are in a Ch 7, and we had to list our three cats as assets. Now these are three rescued strays and we gave a dollar value of $1.00 each. And the Trustee even asked about them at our 341. You really do need to talk to an attorney about this pony. Unless you can exempt it somehow, you might have to list it as an asset.

Good luck to you and your daughter on this. I had a horse when I was a teenager, so I can sympathize.

[liz417]

We are in a Ch 7, and we had to list our three cats as assets. Now these are three rescued strays and we gave a dollar value of $1.00 each. And the Trustee even asked about them at our 341. You really do need to talk to an attorney about this pony. Unless you can exempt it somehow, you might have to list it as an asset.

Good luck to you and your daughter on this. I had a horse when I was a teenager, so I can sympathize.

Oh my gosh, I NEVER even thought of listing my animals (I have 6!). I am going to have to look into that! My monthly for food and vet bills is kinda high, so I hope that isn't a problem. I've also cut back on buying the amimals treats, toys, etc., everytime I go to the pet store.

[AngelinaCat]

The food and vet bills are something else. I used to feed them canned food like Friskies 9-Lives, stuff like that, only to watch them take a bite and walk away. I have switched them over to dry food--which they despised at first, but since its the only game in town they've learned to like it.

[liz417]

The food and vet bills are something else. I used to feed them canned food like Friskies 9-Lives, stuff like that, only to watch them take a bite and walk away. I have switched them over to dry food--which they despised at first, but since its the only game in town they've learned to like it.

Hi Mrs Cat,

Yes, I'm looking to cut corners too, so I'm slowly weening (sp?) them off wet food too...they know somethings up...the look they give when 'breakfest' isn't served...

[momof5]

I had to list the family dog as an asset. But there is no place to list any expenses associated with a family animal. This could be a potential issue for you especially at a cost of $650 a month. I have read about people being questioned regarding schooling and daycare which costs much less than you have described.

[WhatMoney]

For those thinking about saving money by switching your cat to an all dry diet, or those that have always fed your cat dry - please check out this site by Lisa A. Pierson, DVM. Dehydration, constipation, UTI's and diabetes in cats are all increased with a dry food diet.

http://catinfo.org/

Just a small sampling from this VERY informative site for cat owners.

We Are Feeding Cats Too Many CarbohydratesCats Need Plenty of Water With Their Food

[kmb]

Our lawyer told us that our DD's dance lessons would be denied by the Trustee and they only amount to about $60/month. We were able to bury the costs in other areas, but again, it was only $60. I'm not sure how you would bury $650 a month, and based on my experience, the Trustee will want that money paid into your plan instead.

[Horse of Course]

My husband and I have an appointment with a BK lawyer on the 8th of August. We plan on surrendering our home and one car that is currently financed. Just because I pay $650 a month for my daughter's pony doesn't mean I have that much to spend. I've robbed Peter to pay Paul for a long time to be able to afford her pony (please don't slam me).

I hope you don't mind that I want to brag about my daughter, but she is an outstanding rider to say the least. We've had two instructors in the past to say tell us if she kept up with riding she should be able to compete in the Olympics in about 10 years.

[Frogge]

My husband and I have an appointment with a BK lawyer on the 8th of August. We plan on surrendering our home and one car that is currently financed. Just because I pay $650 a month for my daughter's pony doesn't mean I have that much to spend. I've robbed Peter to pay Paul for a long time to be able to afford her pony (please don't slam me).

I hope you don't mind that I want to brag about my daughter, but she is an outstanding rider to say the least. We've had two instructors in the past to say tell us if she kept up with riding she should be able to compete in the Olympics in about 10 years.

I wouldn't ever slam you for wanting to keep the pony and riding lessons for your daugter, we all want to give our kids the best things, it's what we strive for. I hope your attorney can work this out for you somehow, Horse., especially since she seems to be such a excellent rider! Please keep us posted.

[AngelinaCat]

I agree with what Ms. Frogge has said. My horse and the horse related activities were some of the best times of my teen years.

Thanks WhatMoney for the information on the cat food. I will read it thoroughly.