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  1. #1
    Join Date
    May 2009
    Posts
    17

    Default Keeping a Boat in Chapter 7 Bankruptcy

    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

  2. #2
    Join Date
    Jan 2006
    Posts
    25,741

    Default Re: Keeping Boat in Chap 7 Bankruptcy

    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.
    I am not an attorney and any advice is not to be construed as legal advice. You might even want to ignore my advice. Actually, there are plenty of real attorneys that you might want to ignore as well.

  3. #3
    Join Date
    May 2009
    Posts
    17

    Default Re: Keeping Boat in Chap 7 Bankruptcy

    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.

  4. #4
    Join Date
    Jan 2006
    Posts
    25,741

    Default Re: Keeping Boat in Chap 7 Bankruptcy

    Quote Quoting iluvteak
    View Post
    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.
    I am not an attorney and any advice is not to be construed as legal advice. You might even want to ignore my advice. Actually, there are plenty of real attorneys that you might want to ignore as well.

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