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  1. #1
    Join Date
    Aug 2008
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    Default How To List a Boat When Filing Bankruptcy

    My question involves bankruptcy in the state of: CT

    In filing the CH 7 forms I can't figure where to list my boat ($8,000.00). My only other asset is auto ($1,500) and some misc. tools. Income level easily qualifies for CH 7. Is this boat real property, personal property, mobile home? Any opinions? Thanks much.

    J

  2. #2
    Join Date
    Jul 2008
    Location
    Michigan
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    Default Re: How To List a Boat When Filing Bankruptcy

    I have questions about this as well. I consulted with a lawyer, he said that I would lose the boat during a chap 13. But what about a chap 7? My income is now below the median average income for my State by a few thousand. Health problems and all around bad economy caused that

    I was going to list the boat for sale, as I do have a little equity I'd like to get out before loosing it all together. I do not want to do anything to jeopardize my case.

  3. #3
    Join Date
    Aug 2008
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    4

    Default Re: How To List a Boat When Filing Bankruptcy

    Quote Quoting rntuqt
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    My question involves bankruptcy in the state of: CT

    In filing the CH 7 forms I can't figure where to list my boat ($8,000.00). My only other asset is auto ($1,500) and some misc. tools. Income level easily qualifies for CH 7. Is this boat real property, personal property, mobile home? Any opinions? Thanks much.

    J
    I guess I should have added that my total asset level is less than the amount allowed so I am in a "no asset" situation. A good candidate for Ch 7. Again, my problem is how to list the boat asset.

    J

  4. #4
    Join Date
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    Default Re: How To List a Boat When Filing Bankruptcy

    Your boat is personal property. (In some circumstances, it could be "tools of trade".)

  5. #5
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    Jul 2008
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    Michigan
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    Default Re: How To List a Boat When Filing Bankruptcy

    Quote Quoting Mr. Knowitall
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    Your boat is personal property. (In some circumstances, it could be "tools of trade".)
    Thanks Mr. Knowitall.

    In chapter 7, if the boat is financed and no equity is there, and I am not currently in arrears on payments, can I keep the boat through a chapter 7?

    Its not that I want to be selfish or go boating while all of my creditors suffer, but I wanted to wait out and sell the boat vs. having it repoed.

  6. #6
    Join Date
    Aug 2008
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    Default Re: How To List a Boat When Filing Bankruptcy

    Quote Quoting Intoodeep
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    Thanks Mr. Knowitall.

    In chapter 7, if the boat is financed and no equity is there, and I am not currently in arrears on payments, can I keep the boat through a chapter 7?

    Its not that I want to be selfish or go boating while all of my creditors suffer, but I wanted to wait out and sell the boat vs. having it repoed.
    Yup, thanks Mr. knowitall. I guess a boat is more like an RV than a mobile home for this purpose. I do know that if a vessel has a bathroom (read "head") the mortgage can be deducted as a ssecond home. That's why I was confused. I will certainly double check that but you are likely correct. I will list as unused portion of homestead since I have no used portion of homestead.

    Intoodeep - I am by no means an attorney but it seems to me that keeping the boat would force you into CH 13 at least. Under CH 7 If one can afford to pay $100.00 a month for 3-5 years one cannot file CH 7 but must reorganize. So. . . if you can afford a boat payment . . . But you don't have to get the boat repoed. Just sell it and pay off the secured loan. I believe you could sell the boat and pay off the loan any time during your proceeding. As long as there is no profit from it plus I believe the secured creditors get theirs first.

    J

  7. #7
    Join Date
    Aug 2008
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    4

    Default Re: How To List a Boat When Filing Bankruptcy

    Quote Quoting Mr. Knowitall
    View Post
    Your boat is personal property. (In some circumstances, it could be "tools of trade".)
    Thanks for your response Mr. Knowitall. I thought of the "tools of trade" part and have considered making some kind of income from the boat which I could do (I am self employed handyman) but I haven't actually had any income from the boat at this juncture so I am reluctant to go that route

    J

  8. #8
    Join Date
    Jul 2008
    Location
    Michigan
    Posts
    39

    Default Re: How To List a Boat When Filing Bankruptcy

    Uhhh yeah! I use my boat for a "tool of my trade" too

    When I go see the bk lawyer this Wednesday, Im going to tell him that and see how fast he erupts in laughter at me....lol

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