New here - boat & BK7 - Please help

[ChrissyF]

Hello - I am so happy I came across this site. It has so much helpful info.

My question is I have to file BK7 due to being out of a job for a long time now & just can't get ahead, I'm sure many of you are in the same position.

I have a boat loan (1989 28') in my name (loan & title) that I took out several years ago for my husband and his friend. At the time I had excellent credit and they didn't. I know I have to list this as an asset. My problem is I spoke to a BK attorney & he said most likely they wont take it. I haven't been late on the payments since the beginning since his friend gives us the money each month. I was told I can't transfer it because I will get into trouble. I don't want to tell our friend about the BK and I'm afraid they will take it back. The boat is 20 years old and owed is $7,500.00 and the value is anywhere between 8-10K IF they knew what was in the boat. I'm afraid of them taking the boat since it's really not mine. Any ideas how to go about keeping it? They said I might be able to buy it back for the difference, but I don't have the money for that and can't ask our friend. Any ideas on what to do? How do they even know if the engines work etc? His friend just put a new engine in & will flip out. I don't know what to do? Please help.

[frogger]

I have a boat loan (1989 28') in my name (loan & title) that I took out several years ago for my husband and his friend. At the time I had excellent credit and they didn't.

This is sort of like closing the barn door after the horse is already out. I won't tell you why you should never borrow money for someone else, because I'm sure that you've figured it out by now.

You need to find a good, competent attorney and let them do their job. It is possible that they can help you get this worked out.

Good luck.