QUESTION
If I file chapter 13, can my travel trailer be added to the bankruptcy as would a vehicle?
Asked on Jan 28th, 2016 on Bankruptcy - Ohio
More details to this question:
I own a 35 feet travel trailer which I have lived in for 5 years. I am in financial straits and am now living with a friend.
7 ANSWERS
You would have the choice of keeping or giving up the trailer in a chapter 13, whatever makes the most sense for you in your current financial situation. If you are not living in it, you cannot claim a homestead exemption for it. But you might have other exemptions available to use on it. You should not attempt to do a chapter 13 without legal counsel. It is too complicated even for many lawyers.
Answered on Feb 25th, 2016 at 4:28 PM
Not a car, because it is not motorized. But like a trailer or home people live in. It enjoys a special status in the eyes of the law.
Answered on Feb 25th, 2016 at 4:28 PM
All debts and all assets must be INCLUDED in any type of bankruptcy. To fail to do so is a criminal offense. I have no idea why anyone would think otherwise. There are a variety of ways that you can resolve issues regarding the debt on this asset, but you have not left me with any clue as to what you would like me to accomplish.
Answered on Feb 25th, 2016 at 4:28 PM
2 Awards
You must list all assets and all debts in a bankruptcy. If you wish to surrender the trailer and stop making payments you may do so in the bankruptcy.
Answered on Feb 25th, 2016 at 10:20 AM
It can also be exempted depending on your case.
Answered on Feb 25th, 2016 at 10:20 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Interesting question. If you lived in the mobile home, it could be exempted (up to the maximum value permitted by bankruptcy and state law) as homestead. If you are not living in it, you could seek to exempt it as personal property. Use a realistic depreciated value for the mobile home. Getting a good lawyer to advise and represent you, even if times are hard, is almost always a good investment.
Answered on Feb 25th, 2016 at 10:20 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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If the travel trailer is your home, then it can be added to the bankruptcy. If it's not your home, it seems like a luxury item which probably can't be added.
Answered on Feb 25th, 2016 at 9:25 AM