My wife operates a part-time business teaching horseback riding lessons from our barn. She owns 3 horses (for teaching lessons) and a trailer to transport students/horses to competitions. She plans to reaffirm the debt for the trailer. Are the Trustees likely to force the sale of the horses as a luxury or view the operation as a business as it generates income?
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The horses are definitely assets of the business, not a luxury. They will ask for documentation of the business to prove this, but that should not be an issue.
The real question is how do you value the horses? They wouldn't fall under any exemption that I have heard of.
This one needs to be run by an attorney.Filed Business Chapter 7: 7/11/07
341 Meeting: 8/8/07 Asset Case
US Trustee reviewed case/resolved 9/14/07
Discharged: 10/11/07 Closed: 11/2/08 -
Originally posted by Boscoe View Post
Federal supplemental exemptions can be used in conjunction with your Georgia exemptions
PERSONAL PROPERTY
Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $200 per item, $3,500 total
44-13-100(a)(4)
WILD CARD
$400 of any property
44-13-100(a)(6)
Unused portion of homestead exemption, of any property
44-13-100(a)(6)Filed: 10/26/2006
Discharged: 03/05/2007
Closed: 5/19/2008 - Asset case due to balance transfer and income tax refundComment
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What would you realistically get at auction for these horses if you put them up today?
Seriously. Do they need shoeing? shots? are their health papers in order?
Consider their ages.
Any chronic health or temperament problems?
I think that your average backyard horse is easily covered under the exemptions laid out by JGG above.
I have a lot of animals, and I listed their value as $0. Nobody would pay me one dime for them, believe me.
edit - you're showing, so you probably do have health papers,etc. But it's food for thought when evaluating the worth of your animals.
Last edited by HenriettaHen; 09-16-2007, 05:04 AM.Comment
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