Keeping a Boat in Chapter 7 Bankruptcy

[iluvteak]

Florida question.

I have a boat that is worth $20k, maybe less in this dismal market. I owe $10k to Key Bank on a boat loan. I will be living on the boat when I file bk later this year. Can I keep it, I fully intend to pay the boat loan off.

What about a car I own out right, worth $10k. Can I keep this in chap 7 bk ?

FYI my Chap 7 goal is strictly about discharging a 1st and 2nd mortgage on a homestead property. As I said I plan to pay the boat loan off.

Thank you

[jk]

if you can claim it as your home and claim it under the homestead exemption.(which I wouldn't bet on happening). Other than that, I think it will be seen as a non-exempt asset and will need to be liquidated to pay off debts.

the car, I think you are allowed $1000 in equity in 1 car.

so far it looks like you will have about $19000 to use towards your debts.

[iluvteak]

ouch, brutal ... looks like I'll have to sell them off and spend the proceeds in Vegas. I refuse to give it to the banks ... they've had enough help.

[jk]

ouch, brutal ... looks like I'll have to sell them off and spend the proceeds in Vegas. I refuse to give it to the banks ... they've had enough help.

um, you might want to do it real soon and then wait a long time to file. Selling off assets and having the money disappear looks a lot like an attempt to commit fraud.