QUESTION
Can I keep my travel trailer if I declare it on the asset forms?
Asked on Sep 26th, 2016 on Bankruptcy - Wisconsin
More details to this question:
I am going to file chapter 13 very shortly. I own an old 1996 travel trailer with a value of approximately $2000. It is paid for, and there is no lien on it.
8 ANSWERS
There is no exemption (generally) for such an item. The creditors will need to be paid the $2,000 over the life of the plan, minus the cost associated with selling it.
Answered on Oct 17th, 2016 at 6:19 AM
Chapter 7 is a liquidation of your assets. Chapter 13 is NOT a liquidation of assets. Instead, in Chapter 13, you must pay the value of any asset you own to the trustee over the term of the plan.
Answered on Oct 17th, 2016 at 6:19 AM
2 Awards
You can keep it in a chapter 13 but must pay as a value over the life of your plan. In Nevada, you can clean and otherwise nonexempt asset. exempt up to a value of $1000.
Answered on Oct 17th, 2016 at 6:19 AM
It should be easy to exempt it from the case.
Answered on Oct 17th, 2016 at 6:18 AM
Yes, especially if it qualifies for the exemptions so you should be able to keep it no problem.
Answered on Oct 17th, 2016 at 6:18 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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First, there is no "if" in declaring an asset on your asset schedule. The schedules in bankruptcy are filed out under oath, it is a felony not to list an asset. Second, yes you can probably keep it. It is very hard to sell a 20 year old travel trailer and you can apply your wildcard exemption against it.
Answered on Oct 17th, 2016 at 6:17 AM
Odds are that you can keep the trailer no problem, but chapter 13 should not be undertaken without an experienced bankruptcy attorney. It is a long and complicated process.
Answered on Oct 17th, 2016 at 6:17 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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The answer depends on how you choose and use your exemptions. If you choose Wisconsin exemptions, in some circumstances you can have a "wildcard" which allows you to exempt up to nearly $13,000 in any of your property. This may be used to exempt the trailer, assuming it is not all used up for the homestead. It's really best to retain an experienced bankruptcy lawyer; it's almost always worth the investment.
Answered on Oct 17th, 2016 at 6:17 AM