Horse question

[Minnymouth]

UNFORTUNATELY,
The Trustee will consider the pony as an asset with sellable value unless you have some way of claiming it exempt. (talk to a attorney)....

And the funds used to pay for stable, feed, and riding lessons is considered a "luxury" and will not be allowed to continue as the Trustee can use those funds to pay creditors.

One of the pitfalls of bankruptcy is "no luxuries"........ you are supposed to be BROKE and can't pay your bills. This includes expensive vacations, and many other misc items that are considered luxuries.

Bankruptcy can be very hard of the kids too, if they are used to the finer things in life, or more expensive hobbies that most. Often it has to be given up temporarily till after the bankruptcy is over. Just the same as parents have to give up the expensive boats, rv's, campers, motorcycles etc if they have equity in them and cannot be exempted.

Folks that own show dogs or pets that can be sold, often end up having to sell them or have to buy them back from the Trustee in order to keep them. The horse may fall in this catagory.

Yes, do sit down with an attorney and find out where you stand with your unusual circumstances. You need to know as soon as possible what your up against. But don't be shocked, when they tell you the riding lessons, etc will not be allowed.

Keep us posted on what you find out.....

[Tromploi]

Gawd this is my worst fear. Our animal expenses are high, BUT, one of my dogs brings income so maybe that will offset. He gets stud fees and has done public appearances etc. for $$. I KEEP trying to think of it as worst case, and in our ch 13 at 100% payback the payments would be $2183 (that's doing the total owed $131K divided by 60 mos). So if that's what they are that's what they are. I just hope the trustee doesn't try to make us cut down on animals anyway. Don't see how he can if we are paying back 100% (and hopefully that won't be the case either!).

[Brookamy]

Hmmmm....I have two Maltese dogs that I got for $600 a piece (this was awhile ago and not at the same time). I gave that info to the paralegal and she didn't really say anything about them.....would a trustee give me a hard time about them?

[bmrigs]

I bought a min pin for my kids for $900. That dog barks soo much I hope he doesnt survive the BK. The trustee can have him.

[Tromploi]

I bought a min pin for my kids for $900. That dog barks soo much I hope he doesnt survive the BK. The trustee can have him.

A "gift" for the trustee. How thoughtful!

[PoorGrammyinBK7]

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.

I thought there was a thread about some possessions belonging to a daughter a week or so back - and whether or not they were assets. I thought since the pony belongs to your daughter it should not be counted as one of your assets (but thats just me and I am not an attorney). Maybe it has to do with the age of your daughter. I can see where money for lessons, etc might be seen as a luxury, but it seems very unfair if the pony belongs to your child that they could take it away from her! Thats awful!!

But what do I know?

I am sure you will need to ask your attorney this one.

[Horse of Course]

Thank you everyone for your replies!
What if I gave my daughter's pony to someone? I have no official paperwork on the pony, like a bill of sale. We paid $850 for the pony. The market is terrible for horses now, just like homes, that is why we only paid $850 back in April 08.

[AngelinaCat]

AAAARRRGGGGHHHH!!!!! Now, are you talking about giving the pony to someone for daughter to continue to use? If so, are you going to keep up the lessons and the stable costs? You could be in trouble..... A person that does not have the pony free and clear is unlikey to take over the stable and lessons cost.

Since the pony is relatively new to daughter, has she formed any attachments that can't be surmounted by just getting rid of this one and getting a new one later on down the line? If she wants to ride in the Olympics, she will have to graduate to a horse sooner or later.

Now, this may sound harsh, but 10 years old is NOT too early to start learning the cold hard facts of life. Sometimes you have to give things up whether you want to not, and Dear Parent, as much as you may want to, you cannot shield them. My father died suddenly when I was 10. It took me years to deal with it.

[Flamingo]

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.

You need to know that probably all of us on here have robbed Peter to pay Paul (and also Matthew, Mark and Luke...even John!) so no one will ever slam you for doing that! I would not worry about it until you speak with an attorney and get the information you need. Then take it from there. But you do know the expense of all this and will you be able to keep up payments on boarding and lessons because you know if your daughter stays in this sport/hobby, costs will skyrocket. She will also outgrow the pony eventually and go on to a larger horse. I know her love of horses but I had to give up my riding when I went to college as the expense and time was too much, even though I spent most of my time working to pay boarding fees, vet fees and equipment expenses - I need to brag also and state I used to go on fox hunts in Southeastern PA with various groups and also rode in the Devon Horse Show. Those days were the best times of my life and before the reality of life set in so you need to let your daughter experience the same - she will never forget it if she does have to or want to eventually someday stop.

Also, it crossed my mind that if the stable folks believe she is that good, maybe they could help out as to increasing costs as she progresses and cut some costs for you! If she is good, it's great advertisement for their stable and their instructor(s).

[fltoo]

I bought a min pin for my kids for $900. That dog barks soo much I hope he doesnt survive the BK. The trustee can have him.

OMG rigs, you are hysterical. Still laughing.....

[breezyday]

Horse Of Course

Pets are exempt in my state. Horses I haven't checked.
Horses are not live stock but beloved family pets.

I also have a horse and I see you live in DC, can you try and find a boarding stable cheaper farther out of DC and maybe trailer your daughter & pony to lessons?
I live about 1 1/2 hour west of DC and board around here is much cheaper.
I know that's to far to go through.

My husband and I where both out for work for several months last winter and either of us where able to care for my horse.
I found a stable for $75.00 a month, just pasture board but he was very well fed, his shelter was just a run in so I kept him blanket all winter. He did fine!

Trying leasing your pony and just write in the contract your daughter still gets to take lessons.

I know one family whom where also in trouble and the stable kept her horse for free, in exchange their horse was used for riding lessons.

Can you & your daughter clean stalls in exchange for board & lessons?

I know you hate to do some of these thing but it may make the different between keeping your pony and giving him up!
Please do anything to keep your pony and when things are better you can move him closer to home and full board again!

Oh I thought of something another lady did what I thought was clever, she could no longer afford the board for her 2 horses so she drove around the country side looking for a abandon fence pasture. Like when someone buys a place but don't own horse's.
She saw a nice home with board fence so she stopped and ask if she could rent it. They said no but you can use it for free. They loved the idea of having horses in the view without the up keep of owning them plus it would keep the grass down. All she had to do was buy feed and go fed them. The horses are still there a year later and everything has worked out good. In fact when the weather bad the owners will fed the horses just because they have fallen in love with them.

If I think of anything else I will let you know!

[BKOnce]

Yes, when trustee asks do you drive a car?... tell him Yes --a horse sir;

does it needs gasoline? --- yes, foods & water is $500 per month Sir!

[liz417]

Yes, when trustee asks do you drive a car?... tell him Yes --a horse sir;

does it needs gasoline? --- yes, foods & water is $500 per month Sir!

Hee, hee!

[momof5]

I just read about horses during bankruptcy... if you google it you will find some different articles. It seems that there are different classifications during bankruptcy depending on what the horse is used for. If its not used for racing,breeding or any type of farm work then its considered a consumer good. You would then have to put a resale value on the horse. I dont think the horse itself is really going to cause you any issues as its pretty much bought and paid for with a fairly small resale value. What is going to be difficult for you is to explain to a trustee (if he asks)the added expense to your household. While $650 may not seem like alot of money to those who make alot of money. To the trustee that is $650 in money that may be being used for the monthly upkeep of a 'consumer good' which is a luxury item. In turn that $650 could be going towards your credit card bills

Trustees are there for the creditors not for the debtors and you probably wont find much sympathy from one about this. They take cars,bikes,motor homes,collectibles..etc. At the same time they are also allowing you to wipe out thousands and thousands of dollars in debt. You must think like a trustee while you are in the process of BK.

[Horse of Course]

Thank you all so much for such good replies. I just wish we could see the attorney tomorrow instead of waiting until the 6th of August.