We have a 1981 22 ft mako registered to me but funded by our extended family. The motor is a 1995 or therabouts. How does a trustee deal with old boats in a chapter 7? If the collective family wants to keep it? I see an on-line figure of approx $2500 and am not sure if a trustee will use this figure, or send out an appraiser to test the motor, transom, stringers...etc. ALso, the trailer needs brakes to be legal - elsewise the trustee needs to spend approx $600-700 to fix the trailer brakes, or spend approx the same to have it flatbeded to the auction. Any ideas on this? How about if I want to keep my 2005 explorer - do they use private sale value or is this negotiable?
Sinc,Jeff
Sinc,Jeff