Scaredy-cat is back...and scared...

[Inthestorm]

I should change my ID to Scaredy Cat...I do have an "anxiety" problem, just to put that up front! Passed means test for Ch. 7 back in April or May. Was told to sell big horse trailer and use money for needs ahead of time. Dh decided that sale of trailer and dually meant we should hang on, so money is gone. Now work isn't so steady and we're getting ready to go back to atty. We were told we could keep the house then, but my problem is fear of this being too much exemptions and afraid they will take my smaller truck. I have 3 equine family members (remember me???) that I CAN'T part with and the truck and trailer is NECESSARY. So Dh and I are fighting because he wants to keep house and I think that means losing the truck!?!? What is the deal about having to re-finance things??? My truck may be worth $12,000 and I owe about $6,000. Dh is a subcontractor so needs to keep work van, tools, etc. We're in GA. Am I screwed?

[NoMoreCards]

I can only say this...
A very good friend of mine filed Chapter 7 early this year, and has 5 horses. They had to let go of their horse trailer, but kept the house. Thankfully they do know people that they can borrow a trailer from, when needed.
My friend also had to let go of her large new truck, and ended up getting one that was a bit older, but could still be used to pull the horse trailer when needed. I don't know your situation, but borrowing a horse trailer when needed may be a option for you.

Just ideas...I certainly wish you the best.

[AngelinaCatHub]

Yes, I do remember you. Welcome back. I realize you have five "family members" that you cannot part with. Something has to go. You owe 6K on a 12K truck. Sell the truck for a lessor value truck until you get on your feet. Sell part of the land (if you can subdivide). If you do nothing, you are extending the pain. Stuff, is not peace of mind.

It would be a simpler matter if the horses were property, but if we had to get rid of our pets, it feels like getting rid of your own child. Can't be done. I wish I had more answers for you, but know, my support if for your success. 'Hub

[Inthestorm]

Angelina, the land was listed with agent for 2 1/2 years. Plus I have done my own advertising out the wazoo. NOBODY WILL EVEN LOOK, or even inquire. In spite of "motivated seller," "will negotiate, give great deal"...etc." Land is DEAD.
Why would I need to get rid of the truck since I don't owe that much? Because they will take it due to the value? We'd be able to make the payments easily if we get rid of the other debt.

No More Cards, what kind of trailer did your friend have? My trailer is a simple Bp, approx. 5 years old and showing wear and tear. So surely, it has depreciated...

[NoMoreCards]

I do not know the specifics of my friends horse trailer. I only know it held horses...Lol!

I thought I'd make a suggestion based on your comment in the original post: "Was told to sell big horse trailer and use money for needs ahead of time."

All the best.

[Inthestorm]

We had the smaller trailer for day trips, and also a big one with people space for camping. Paid cash for both of them. Big one sold (at a loss) and H used the money for bills instead of bankrupting. Not sure that was smart...

[pcn]

[Inthestorm]

I doubt the trailer is worth very much with depreciation...I don't know how to get book values on horse trailers...?

It's the truck that I'm afraid they may take, although I may have slightly over-estimated it's value since it has a crunched bumper. I can go back to KBB and figure that out. It does have brand new tires, though.

[Naomi]

What is the value of your husband's work van?
The auto exemption is GA is $3500 and I think that is doubled if you both file.

So, it would be better if your truck that you want to keep is worth much less than $12,000 if you only owe $6000.

[pcn]

Would a bank make a personal loan with the truck as collateral? My lawyer tells me that here in AL we have to use NADA, which is waaay more than KBB or Edmunds. I see from other posts on here that what the trustee uses to value a vehicle varies by location, something else to look into.

Edit - sorry, didnt see that you already owe on the truck. If the value used in your area is low enough, the cost of getting the remaining equity may keep the trustee from pursuing that option. It costs money to sell you vehicle, even if you are over the exemption amount. We are taking that gamble with my truck as well.

[Inthestorm]

Oh I'm still so confused...DH says the atty. did not see a problem when he saw him in may, but I don't believe anything he tells me. I have no idea the value of the box van (work). I've forgotten how many exemptions we get...? NADA did not ask all the questions that KBB does so how can that be accurate?

[Naomi]

You don't believe anything your husband tells you?
Are you going to go to talk with the lawyer the next time?

Here is the link to GA exemptions:

http://www.thebankruptcysite.org/exemptions/georgia.html

[Inthestorm]

You bet. This lawyer is busy. It was hard to make first contact. They scheduled while I was at work.

[Naomi]

Oh, ok
Maybe you'll feel less stress after hearing it from the lawyer.

[Inthestorm]

We don't know how long it will be to get an appt....? H said that he was told that a vehicle is necessary for each driver and for work a backup is needed...is he lying??? We have a teen that is turning 15 this month, but that only means learners permit...so he's not yet considered another driver?