Can I keep my travel trailer if I declare it on the asset forms? 12 Answers as of October 17, 2016

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.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Ronald K. Nims LLC | Ronald K. Nims
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.
Answer Applies to: Ohio
Replied: 10/17/2016
Goldsmith & Guymon
Goldsmith & Guymon | Marjorie Guymon
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.
Answer Applies to: Nevada
Replied: 10/17/2016
A Fresh Start
A Fresh Start | Dorothy G Bunce
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.
Answer Applies to: Nevada
Replied: 10/17/2016
GARCIA & GONZALES, P.C. | Richard N. Gonzales
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.
Answer Applies to: Colorado
Replied: 10/17/2016
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Generally speaking, yes. But I don't know what the rest of your assets are. It is best to consult with local counsel who will have all of the facts. And FYI, you must list all of your assets. Not listing it is not an option.
Answer Applies to: California
Replied: 10/17/2016
    Patrick W. Currin, Attorney at Law | Patrick Currin
    It should be easy to exempt it from the case.
    Answer Applies to: California
    Replied: 10/17/2016
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    Yes, especially if it qualifies for the exemptions so you should be able to keep it no problem.
    Answer Applies to: New York
    Replied: 10/17/2016
    Stephens Gourley & Bywater | David A. Stephens
    Normally you could keep it in a chapter 13.
    Answer Applies to: Nevada
    Replied: 10/17/2016
    Michelotti & Associates, Ltd. | Joseph Michelotti
    As in all legal answers, It depends. If you are paying the creditors the equivalent of the unexempted portion of the trailer, then yes. What is the garage sale value of the trailer? How much could you get for it if you had to sell it by 5:00 Saturday?
    Answer Applies to: Illinois
    Replied: 10/17/2016
    Garner Law Office
    Garner Law Office | Daniel Garner
    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.
    Answer Applies to: Oregon
    Replied: 10/17/2016
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    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.
    Answer Applies to: Wisconsin
    Replied: 10/17/2016
Click to View More Answers:
12 3 Free Legal QuestionsConnect with a local attorney