Will this result in an asset case?

[Snuff]

I can exempt other assets, but titled stuff that is not running or usable as is such as a mid '70's fiberglass boat w/1990 motor that hasn't been in the water for 10 yrs (gas tank is rusted through, etc). '82 p/u w/shattered windshield for gathering wood, but runs.

This puzzles me, Thanks

[free2breathe]

Unless you can get appraisals showing that the items are worth next to nothing, it could conceivably put you in asset status. Anything we had that was titled, we had to bring our titles to the 341 and provide appraisals (Kelly Blue book was suggested by our trustee for vehicles.)

[tcreegan]

Hi Snuff,

If you are tight on your exemptions, leave the good stuff exempted and leave these older, derelict, boat and truck not protected. Take photos and get someone to estimate the price in their 'as is' condition. The trustee is not going to be as interested in junk cars and boats, might end up under the "more trouble than they're worth" category. Or you might offer a small amount to buy them back from the BK estate.

Who knows, once you get the "as is" price established, you might be able to fit them under the exemption amount after all!

Tom in Colo

[Snuff]

Anything we had that was titled, we had to bring our titles to the 341 and provide appraisals

Thanks freetobreathe I'll do that for exempt and non-exempt vehicles.
Believe I'll go pro se too, I stopped all payments with a 750 FICO over a year ago. Just received my first summons, no sweat there.

[Snuff]

Ya Tom, I have a hard time telling the difference between stuff and junk myself, I just ask the wife she sets me straight!

Who knows, once you get the "as is" price established, you might be able to fit them under the exemption amount after all!

Just need to figure out which exemption to claim them under. I've lots of old stuff, rusty tools, collected stuff from garage sales, recycled stuff, and an old dog the trustee can have. Being retired I've saved up for the future in case everything goes to pot. Can't be tooooo ready.