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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
    27,221

    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.

  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
    27,221

    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.

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