Keeping a motorhome through a 7?

[AllMyFault]

Been trying to beat it but I'm probably going to have to file a chapter 7. I rent my motorhome out to people for extra income. I've made a profit on it every for the last 3 months; atleast enough to cover the payment, insurance and maintenance. Will I be able to keep it through a 7 because it earns an income?

Thanks in advance!

[fooked]

I can't speak specifically for your case, but I'll tell you what I'm doing.

Basically they're going to value my toyhauler at a liquidation value. I will then make an offer to the trustee to buy it back, so to speak. Basically, I'll offer him just enough to not want to deal with going through the process of auctioning it off.

Good luck!

[Chowder]

Been trying to beat it but I'm probably going to have to file a chapter 7. I rent my motorhome out to people for extra income. I've made a profit on it every for the last 3 months; atleast enough to cover the payment, insurance and maintenance. Will I be able to keep it through a 7 because it earns an income?

Thanks in advance!

It'll come down to equity. Hopefully there's little to none in the motorhome. If there is, hopefully you'll have a wildcard to cover it.

[kenshirley]

Assuming you owe money on it and have no equity in it, I would think you are going to have a problem unless you have the income to pay for it without the rentals.
The trustee and judge are going to look at it this way.
What if the economy continues to slide and you can't rent it?
I know you want to keep it as we wanted to keep ours. But they said it did not make sense so it was surrendered.

[albacore44]

I can't speak specifically for your case, but I'll tell you what I'm doing.

Basically they're going to value my toyhauler at a liquidation value. I will then make an offer to the trustee to buy it back, so to speak. Basically, I'll offer him just enough to not want to deal with going through the process of auctioning it off.

Good luck!

can you elaborate on this more ?? did your attorney say they will use liquidation value as opposed to NADA value ?? or was it the trustee that told you that ?? is the trustee going to appraise it ?? reason i ask, is i have one that is paid off, and am planning on using ths california wild card to protect it, but the NADA value is higher than the wild card. however the NADA value is way to high in my opinion for RV's in this market there selling for next to nothing.

[kenshirley]

Just a tip here.
NADA, Kelley, I don't care who it is.
Items like this are worth what the market commands at the moment.
I had a very clean and very low mileage class a that we had paid just over $110K for. We put another $10k into it getting ready to hit the road.
It was a very popular model and brand.
I surrendered it to the bank as part of this process. It sat and went through bid after bid and two auctions with reserves on it and did not sell for 5 months. They finally just ran it to the auction and sold it without a reserve.
The selling price was $47.5K!
Don't trust the books. The market means far more. My father was a car dealer until his death and I have had just a little experience at this.

[albacore44]

Just a tip here.
NADA, Kelley, I don't care who it is.
Items like this are worth what the market commands at the moment.
I had a very clean and very low mileage class a that we had paid just over $110K for. We put another $10k into it getting ready to hit the road.
It was a very popular model and brand.
I surrendered it to the bank as part of this process. It sat and went through bid after bid and two auctions with reserves on it and did not sell for 5 months. They finally just ran it to the auction and sold it without a reserve.
The selling price was $47.5K!
Don't trust the books. The market means far more. My father was a car dealer until his death and I have had just a little experience at this.

I agree. on a couple of popular RV forums i subscribe too I see people with units like mine desperate to dispose of them at prices way below the BB value. So for my planning purposes, I'm wondering what the Trustee will use in determining the actual value

[fooked]

sure, I'll elaborate... my attorney suggested an appraiser whom the court respects... he provides a liquidation or auction value...

I'll use KBB or NADA if it meets the exemption amount... that still doesn't mean that's what it's worth at an auction...

[albacore44]

sure, I'll elaborate... my attorney suggested an appraiser whom the court respects... he provides a liquidation or auction value...

I'll use KBB or NADA if it meets the exemption amount... that still doesn't mean that's what it's worth at an auction...

i'd be interested to see what he comes up with compared to BB. When do you plan to have it appraised ??

[AllMyFault]

Thank all of you for the information. I owe as much as its worth so their is no equity. I've never been through a BK before and haven't really researched it much. It just seems to me that the court wouldn't want me to have a motorhome of all things after relieving me of all the debt I carry. But I thought maybe since it's now become a money maker and pays for its self it may be looked at differently. My kids love the MH and I'd just hate for them to lose it....Trying to figure out an angle