QUESTION
Can they take the boat or is it like any other credit card and cannot take away your items you bought with them?
Asked on Nov 29th, 2012 on Bankruptcy - New Jersey
More details to this question:
I am filing for bankruptcy and I bought a seadoo boat 3 years ago with a Honda credit card now Capital retail bank.
10 ANSWERS
Can you file federal exemptions?
Answered on Apr 14th, 2013 at 6:52 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Cannot tell with looking at the contract and title documents.
Answered on Apr 11th, 2013 at 3:23 PM
It really depends on the nature of the lien. In addition, even if the creditor can't take the boat, the trustee in your bankruptcy case can certainly try to take it. You should really consult with an attorney.
Answered on Dec 03rd, 2012 at 2:17 PM
Daniel James Wilson
The debt is almost certainly secured by boat, just like a car loan. If you have equity the Ch 7 trustee may take it. It is a non-exempt asset. If there is no equity or not enough for the trustee to pursue you can keep the boat if you make the payments.
Answered on Dec 02nd, 2012 at 10:32 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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There is not enough information to answer this question. Generally, a credit card line Visa, Mastercard, American Express and Discover do not have a secured interest in what you buy. However, stores/retailers such as jewelry stores, electronic stores and warehouse clubs have a security interest in what you buy on THEIR credit cards, regardless of who you ultimately pay. So the answer will depend on who issued you the credit initially. You have a second issue which is IF you own the vessel without a security interest a bankruptcy trustee may attempt to sell the vessel depending on a number of issues which are too numerous to discuss here.
Answered on Dec 02nd, 2012 at 10:22 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on the exemptions in your state. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Dec 02nd, 2012 at 9:50 PM
Business Litigation Attorney serving Orange, CA
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Law Offices of Frank Granato
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Depends on the facts in your case. You may be able to exempt the asset.
Answered on Dec 02nd, 2012 at 9:40 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Yes the Trustee can take the boat if it has unexempt equity or for non-payment by a secured creditor on the title.
Answered on Dec 02nd, 2012 at 7:39 PM
You would need to look at the terms of the contract you have with Honda Credit to see if this is a secured debt or not. I do not have access to the credit information from this particular creditor, but typically, these kinds of debts are secured and to keep the property, you must pay at least the fair value of the property.
Answered on Dec 02nd, 2012 at 7:30 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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A boat bought w/ financing is like a car or house, secured and they can repossess.
Answered on Dec 02nd, 2012 at 7:24 PM