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Keeping a boat - tools of the trade?

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    Keeping a boat - tools of the trade?

    I plan to file Ch7 in the next few months if things continue progressing downward. I have 1 car, a house (that is 150k upside down), 75k of CC debt and a boat. I plan to keep the car, get rid of the house, and keep the boat if possible. I purchased the boat this past summer (16k) to guide duck hunting & fishing (for profit, obviously). Is it possible to hang onto this or am I out of luck? Any advice?

    AA
    Stopped paying CCs 1/10 | Stopped paying mortgages 2/10 | Interviewed attorneys 3/10-5/10 | Retained attorney 5/14/10 | Delivered paperwork to attorney 6/17/10 | Filed Ch7 7/9/10 | 341 8/16/10 | Objection Deadline 10/15/10 | DISCHARGED 10/20/10

    #2
    My situation

    My husband and I owned a construction company and our attorney said we would be lucky to keep a $2,500. utility trailer we used to haul debris and tools even though we said we would need it for business to support our family.
    She said the trustee would tell us to us the pick up truck...
    However, I'm sure every case is different.

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      #3
      What state are you in and what is the "tools of trade" allowance for that state?

      If you are not primarily in the tour business and it is a side business, the trustee may object to the exemption even if the "tools of the trade" exemption covers the boat.
      You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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