Keeping "toys" in a Chap. 13

[cfiesq]

I own an expensive motorcycle and a sailplane (glider). I know these are obscenely indulgent luxuries. Purchases like these are why I'm facing bankruptcy! Both are secured by duly recorded liens and UCC-1.

The bike probably has negative equity of $1500, and I have about $15,000 positive equity in the glider. My payments are current. Can I be forced to give up these luxuries or do I get to keep them as long as they are secured and my payments are current?

Please don't berate me for making these stupid purchases. I am bi-polar and bought them while I was on a manic high. Things are under control now thanks to modern pharmacueticals!

[ichb]

I can understand what you are going through...

cfiesq,

I've only been researching Chapter 13 for a few weeks now but I think you can protect your toys as long as you pay for them. Definitely talk to a lawyer. We are working on protecting some of our non-necessary assets like a small sailboat and a new computer that I need for school.

One of the reasons that we are in trouble is that I have ADHD and impulsivity is a big problem and if I'm also in a depression my spending goes way up. Our decision has been to get rid of our cards completely and treat them like an addiction.

I'm glad that you've found help for your condition. I wish you the best of luck getting your finances straightened out.

[dovette7]

We had a motorcycle and a jetski that were financed. When planning for the Chapter 13, our attorney told us that since we were NOT in a 100% plan that our trustee would object to keeping those items since they were considered a luxury. We surrendered them. That is in Northern GA. I guess it depends on the trustee.

[krielly]

We have a 5th wheel that we kept when we filed. Also we're seasonal at a campground, which we have to pay for each year. We were able to keep the camper, and allow for the expense of the rental of the site each year, but had to go the full 5 years to do so, vs a 3 year plan.
Of course, that it old law. Not real up on the new 13 laws. I'm sure others will chime in.

[cfiesq]

That is in Northern GA. I guess it depends on the trustee.

Oh, crap!

[chloe0724]

My husband and I have a motorcycle that we finaced together. I am the only one filing the 13. My attorney never said anything about having to give it up. I'm not sure if that's because we are both not filing.

PS...we tried selling it before we decided BK was the way to go, but there were no takers....

[Flamingo]

Some states have certain exemptions...our state exempts pianos, certain boats, and other things one would not think would be exempt. Check your state exemptions as to certain items or consult with a BK attorney as to these items before you decide what to do.

Lots of folks have ADD, ADHD (that's mostly a child one; my hubby has adult ADD), anxiety disorders and impulsive disorders that make them do all sorts of stuff. It is nothing to feel bad about but when it gets out of hand, that is a big warning shot that it's gotten out of control and can affect not only yourself but your entire family financial wise. Things are fun for a while but then you get slapped with the big debt afterwards when the bills come in.

Anxiety and impulsive disorders can be controlled if one gets themselves to a doctor and fesses up to the problem. Most of the time they know something is up or their family sees it but doesn't say anything until the walls come tumbling down. My husband years ago would walk into the house with brand new items all the time we didn't need (would just charge them) and I would force him to return them after he realized he purchased them impulsively due to his ADD. He now takes Adderall which has helped him tremendously as to being impulsive.