Horses

[Flgranny]

I have 3 old horses that I board. They are in their 20s but boarding is expensive. Are they exempt from Bk even though I pay to board

[shipo]

Ohhh, tough call; I lived and worked on a horse farm for 9 years with lots of older horses, some well into their 30s; I don't believe I've ever encountered your situation before. Once again, time to talk with an attorney.

[justbroke]

It's Texas, so of course there are exemptions for livestock, cattle, horses, fowl, and other critters.

Unfortunately, Texas exemptions only include 2 horses. So it's going to be a tough call if the Chapter 7 Trustee wants to sell one of them. But be careful because that exemption includes other property such as household furniture and has a cap on the total value of the property.

The real problem is going to be the boarding. If you're paying > $500/month to board all three of them, then that's going to likely give you sufficient DMI to fund a Chapter 13. I would not be laden with that type of debt going into a Chapter 13 because you'd likely be unable to design a feasible plan.

[despritfreya]

Your first post indicates you are retired. I would imagine your income is limited to SS and, maybe a small pension. Assuming you are filing a Chapter 7 you should be fine with keeping them. JB raises the point as it relates to your disposable income. Assuming I am correct that your income is limited, my guess is that even your looking forward budget puts you in the negative each month with or without a line item for board. Does it?

Des.

[Flgranny]

Yes this is correct

[shipo]

Another issue regarding selling the horses is 20+ year old horses don't typically fetch much money. What breeds do you have?

As for board, wow, board much be inexpensive in Texas, up here in New Hampshire board can easily exceed $500 per month per horse.

[despritfreya]

Another issue regarding selling the horses is 20+ year old horses don't typically fetch much money. What breeds do you have?

It is highly unlikely that a Chapter 7 Trustee is going to try to sell these horses, even if they are retired rodeo or show horses. Trustees do not like dealing with anything that requires feeding, vet care and/or payment of board. Unless these horses are viable show horses, the Trustee will most likely abandon them very quickly.

Des.

[shipo]

Off topic, but yeah, one of the horses in my care was a champion rodeo horse (he was a Quarter Horse); he was Mister Alpha in the pasture until he was 35; he finally passed at 37. I still miss that horse.

[despritfreya]

Off topic, but yeah, one of the horses in my care was a champion rodeo horse (he was a Quarter Horse); he was Mister Alpha in the pasture until he was 35; he finally passed at 37. I still miss that horse.

Go it. My Olympic hopeful (never got there - never even got close - blown suspensory when she was 6) was 31 when I put her down. She was with me for 29 of those 31 years. Miss her very, very much.

Des.

[Flgranny]

Your first post indicates you are retired. I would imagine your income is limited to SS and, maybe a small pension. Assuming you are filing a Chapter 7 you should be fine with keeping them. JB raises the point as it relates to your disposable income. Assuming I am correct that your income is limited, my guess is that even your looking forward budget puts you in the negative each month with or without a line item for board. Does it?

Des.

Even without boarding I don’t have enough to pay my bills

[Flgranny]

Another issue regarding selling the horses is 20+ year old horses don't typically fetch much money. What breeds do you have?

As for board, wow, board much be inexpensive in Texas, up here in New Hampshire board can easily exceed $500 per month per horse.

[Flgranny]

Expensive but even without boar I don’t have enough