Chapter 7....assets?

[jennz1999]

My husband and I have filed a ch 7 no asset case but we have 3 ATVs (2 full size and one kid size). One full size one, we exempted for his business as it is used on the job when he is working (but hasn't worked in 5 months...intends to if construction picks up). The other two are for personal use and are 7 and 5 years old so only worth about $1000 and $600 each. Is that amount enough for the trustee to want to take them? I don't necessarily care about keeping them and if it happens there is nothing I can do about it BUT they (all 3) were actually paid off with our second mortgage home equity loan that we will still be paying on for 10 more years. I'd really have to have to keep paying on that just because we made the stupid mistake of using our house as collateral to pay off the ATVs and some CC debt that we had at the time. What do y'all think... will the trustee want to sell those 2 non-exempt ATVs just to get less than $2000? Won't it cost him almost that much to go through the process? Just curious. Our 341 is next Wednesday but its bothering me not knowing what's going to happen. Thanks!

[frogger]

Is that amount enough for the trustee to want to take them?

It's enough for the trustee to want for you to buy them back.

[jennz1999]

That's probably not going to happen because we have $0 disposable income after expenses at this point so he will just have to take them instead.

[DesdemonaB]

IMHO 2K is enough to get the attention of the UST especially since they are items that can go directly to auction.

Take a little time to research the value of all the ATVs have them handing at the 341 in case UST inquiries and don't forget the titles for all of them (do ATVs have titles?). That way you're not stammering when asked

When I sat at my 341 my UST questioned a lot of folks on value of vehicles, snow plows, trucks used "businesses" etc and asked for titles - she would look at them to see if a lien was still was listed but gave them back to the lawyers.

Good luck next week

[justbroke]

I agree that $2K is certainly enough to get the Trustee excited. Remember, they make almost nothing administering a no-asset case. If you have several thousand dollars worth of items, they will sell it. They will get their commission and be happy!