Can I Keep My Boat If I File A Chapter 7 Bankruptcy?
In a bankruptcy, a trustee collects all the nonexempt assets and sells or liquidates them to pay creditors. Nonexempt assets are not protected under bankruptcy laws – meaning they can be sold to repay the filer’s debts.
Examples of nonexempt assets may include but not be limited to:
- A vacation home
- Extra real estate holdings (property)
- A boat
- A house or other residential property that’s not your primary home
- Expensive musical instruments not used professionally by the debtor
- A valuable stamp collection
- A valuable coin collection
- Investments not in retirement accounts
- Valuable artwork
- Expensive clothing
- Any asset with equity that is not covered by the allowable exemptions
Each case is different, and therefore what may be nonexempt versus exempt may vary. If you are thinking about filing a Chapter 7 bankruptcy, it is strongly advisable to discuss your situation with an experienced bankruptcy attorney at Melaragno, Placidi & Parini.
Other Bankruptcy FAQs:
- Are Alimony Debts and Payments Discharged in Bankruptcy?
- Are Income Taxes Dischargeable in Bankruptcy?
- Are My Student Loans Dischargeable in Bankruptcy?
- Can A Creditor Repossess My Car Without Informing Me?
- Can Bankruptcy Help My Credit Score?
- Can Chapter 7 Bankruptcy Save My Home From Foreclosure?
- Can I Convert From a Chapter 13 to a Chapter 7 or From a Chapter 7 to a Chapter 13 in Pennsylvania?
- Can I discharge A Federal Tax Lien?
- Can I File Chapter 7 and Still Keep My Car?
- Can I Keep My Boat If I File A Chapter 7 Bankruptcy?
- Can I Keep My Car After Filing Chapter 13?
- Can I Keep My Vacation Home If I File Bankruptcy?
- Can My Bankruptcy Be Denied?
- Does a Chapter 13 Ruin Your Credit?
- Does Filing Bankruptcy Result in Increased Taxes?
- How Much Does It Cost to Hire a Bankruptcy Lawyer in Pennsylvania?
- How Often Can I File For Bankruptcy in Pennsylvania?
- What Happens to Your Car Loan When You File Chapter 7?
- What to Do If Your Wages Are Garnished in Pennsylvania?
- Will Filing Chapter 7 Hurt My Credit?
- Will I Lose My Retirement Account if I File For Bankruptcy?
- Will The Trustee Come to My House?