Can asset be sold after two years in BK-13?

[rbaronex]

Hello All,

Quick question. I have a boat that I decided to keep in my BK13 filing 2 years ago. It does not get used often and I have to pay storage fees of $49 per month. It's rotting and loosing value
as the months (years in this case - 2 ) go by, and could use the money to buy a new car, since my old car is having too many issues. I could get about $24k for it. Can this be sold,
since I have included it in my BK-13 plan and paying for it in my monthly payment? Also, I have other assests that I can sell for about $1k to $2k that I claimed in my BK 13 as well. Will
selling a $24k - $30K asset be an issue, even after two years? I have a five year plan. I live in AZ.

Thanks,

RB

[kornellred]

Your trustee will probably not have an issue with you selling your boat, do not expect to be able to keep the proceeds from the sale. The lien holder will get paid in full, and you will have to have your Chapter 13 plan modified.

[LadyInTheRed]

Dont' sell anything without first checking with your attorney.

[despritfreya]

Not enough information.

1. Is your Plan Confirmed?
2. If your Plan is confirmed, does it contain specific language regarding the vesting of property back to you?
3. What do you mean by the boat being included and paid for in the Plan? Are you talking about a loan or are you talking about paying your unsecured creditors the value of the boat so you could keep it?

If you owe $$ on it, just modify the Plan to surrender it and remove the remaining funding that was to be paid by the lender.

If you do not owe money on it you should be able to sell it if the Plan is Confirmed and the property of the estate vested back to you. Depending upon how much you get for the boat vs. how much you valued it for purposes of Chapter 7 Reconciliation, maybe you can keep all or some of the proceeds. In general, this goes for any property that is not exempt.

You need to discuss you options with an attorney.

Des.

[momofthree]

We sold our exempt truck a year into bk plan. We had to get trustee approval to do so, stating what we planned to do with the money, the amount we were selling it for, etc. Took about 30 days to get the approval. Our confirmation states that any asset over $500 requires tt approval in order to sell it. I'm guessing your confirmation order will also note limits for selling assets or taking on debt.