Will they take my boat????

[theguy]

I have a 1987 fisher aluminum bass boat in fair condition are they really going to take it when I file?

[AngelinaCat]

Hi Guy: welcome to the forum. In order to answer your question, more information is needed. What Chapter are you thinking of filing? What state are you in? Do you own a home, or do you rent? What about automobiles? How much debt do you owe? CCs? Medical? Legal? Are you married, single, or otherwise?

As you can see, there are many variables--and these are only some of them--involved, before anyone can begin to answer your simple question.

[AngelinaCatHub]

Aluminum? What is the value of the boat and motor? It could be abandoned as here in FL the "Bass capital" boats are on every corner yard for sale. If abandoned, you get to keep it. Don't waste your exemptions on it as you do not need it a bad as other things. 'Hub

[theguy]

I live in Ohio. claiming chapter 7. me and my wife each have a car. we are paying our home motgage on time. est. 30,000 in debt. credit cards and personal loans. I really love fishing and that boat has really got me through these rough times...I really dont want to get rid of it what do I do???? it cant be worth more than $1500

[AngelinaCat]

How 'fair' is 'fair shape'? Have you had anyone look at it and give an appraisal? Have you checked Craig's List might have similar items listed for?

[theguy]

well fair as in carpet is coming apart. trolling motor is broke. trailer is a wreck. outboard runs when it wants to. and just all around fair as in better than poor but definitely not good

[AngelinaCat]

Well, I cannot address the boat, but I will tell my tale:

We had a 1968 Chevrolet Impala, that 'Hub bought for me for my B'day in 2002. At that time it was essentially a one owner car that had passed to her nephew upon her death. Nephew sold it to 'Hub for 2K. It was in pretty-good almost original condition, but had obviously been in a wreck and had been stored.

So it was a good 'fixer-up' project car for me as I like old cars. We played with it for a while, replaced tires and other parts. Then in 2004, we had four hurricanes in a row, and 'Hub got prostate cancer.

After all that, a 'project car' was the least of our interests. The car had been parked well before 2004, but certainly had not moved at all when we filed 12/28/2007.

We listed it in our paperwork, and were duly asked about its condition at our 341 meeting on 2/7/2008.

The trustee asked about the car saying this: "On a scale of from 'Show Room Quality' to 'Housing Squirrels', which is it?

I answered truthfully, that it had not been moved in more than four years, and that while it was not yet housing squirrels, the green color on the sides was NOT from paint, but mold.

The trustee formally 'Abandoned Interest' in it.

[Snickers]

Think about what the Trustee has to pay to liquidate the boat and what it will fetch at auction. Seriously, I don't think they are going to want a 22 year old bass boat.

[JimKutkowski]

Think about what the Trustee has to pay to liquidate the boat and what it will fetch at auction. Seriously, I don't think they are going to want a 22 year old bass boat.

If you use the Federal exemptions you can wildcard it. Seriously folks, I've never seen anyone fill up their exemptions on anything other than a house or vehicle, and not of the aluminum fishing boat variety.