I am currently in a confirmed chapter 13 plan. I just received another pay cut a month ago and things are starting to get tight. I have a boat that is paid for that I would like to sell for some extra cash. I used my wild card exemption to exempt the boat. I assumming that I can sell the boat since it is an exempt asset, but I am also wondering what would happen if I sold and later need to convert to a chapter 7. Any thoughts?
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Chapter 13 Filed (Pro Se) - 9/30/09
Confirmation Date - 12/1/09
Stats - $1752/month, 29/36 completed, 4% to Unsecured, Lien Stripped 2nd Mortgage -
We went through much the same thing in our plan (our exempt item was a motorcycle). Attorney got aggravated that we called to ask: "It's exempt. Do what you want." (Yes, we have a doozy of an attorney). We were still nervous because of the handbook that the Chapter 13 trustee sent (you probably got the same handbook :-), so we called the trustees office and were told that since it was exempt we could sell it.Originally posted by UpsideDownMI View Post
You may be comfy calling your attorney to double check, but I just thought I'd let you know what our experience has been in a 13 in Michigan and how it was handled.
Edited to add: Since you received another pay cut it may be time to modify your plan if you are able to do so. Good luck, I know how hard it is.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.
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