Can I retain my property in a chapter 7 bankruptcy? 34 Answers as of January 20, 2012

It would depend on the value of the camper and other assets you have. Every debtor is entitled to protect certain assets/property using "exemptions" which protect a certain amount of value or equity in certain properties. The camper may or may not fit under these exemptions depending upon what else you use them for but very few debtors actually lose property in a typical Chapter 7 case as most have sufficient exemptions to protect everything they own.

Chapter 7 involves the liquidation of all assets of the Bankruptcy Estate in which there is non-exempt equity. The Chapter 7 Trustee will therefore be looking not only for the property that the debtor had at filing, but property transferred or given away before filing. In your case, giving your in laws their camper back and filing bankruptcy could constitute a preference or even a fraudulent transfer. But those are merely possibilities: the answer is more complex than we can discuss here. Contact a competent bankruptcy practitioner in your area to discuss the situation in greater detail

The worst move you can make is to give away any assets. At best it disqualifies you from filing, probably gets you and them sued, and probably loses the camper as they cannot exempt it. You question shows why people need to see lawyers and not guess at strategy. Whether you can keep it depends on the value, how it is now titled, what state you are in (and used to be in), and what other assets you have. An experienced lawyer may be able to figure out how to protect it, so do not file pro se.

The camper is not an exempt asset, which means the trustee can sell it in Chapter 7. However, I doubt that a 1986 camper has much value, and thus, most trustees would not be interested in selling it. Also, you could give the trustee money that equals the fair market value to keep it. Giving it back to the person who gave it to you will not solve the problem, and could make it worse. The best solution is to hire an attorney who can help you through the process.

Depending on the value of the camper you should be fine and be able to retain it. You must determine the reasonable replacement value and then be sure you can exempt it along with all your other property.

It depends on the value of it and all of your other assets. Talk to a bankruptcy attorney first.

There are exemptions for real and personal property when someone files for Bankruptcy. As long as the camper is not worth more than the allowed exemption, a trustee cannot sell the camper for the benefit of your unsecured creditors. Your 1986 camper, in all likelihood, will fall within the allowed exemptions so that you will be able to keep it. You should consult an experienced Bankruptcy attorney to go through the value of all of your assets so that appropriate exemption planning can be done on your behalf. Go see a solo practitioner or small Bankruptcy firm with a good reputation. Stay away from the larger Bankruptcy mill type firms that boast about the number of cases they have filed. You will ultimately get much better service and result if you stay away from these types of firms.

It depends on if it has any real value and whetherthe transfer was part of an Estate . You will have to answer for any transfers of property within 6 mos of filing the Bankruptcy.

In order to keep the camper in a Chapter 7 Bankruptcy, you must 1st get it valued. Run it by a dealer and ask them how much theyu would pay for it in cash. THe next thing you must do is list it on your petition on Schedule B. Now the person who is on the title can take an "exemption" in the camper. In Ohio the exemption you would use it the "wild card" exemption of $1,150. If both of your names happen to be on the camper, then you can double the exemption. The trustee in bankruptcy will ask that you pay any excess over the exemptions to the trustee. Usually, the trustee will give you 6 ms at no interest to make payments of any amounts due. The trustee does no really want a camper. They want cash. do not change the title to the camper in any way. This can have very bad effects and no good effects. Also remember, that you have to consider the value of your 2011 tax refund if you filoe in 2011. Yes, I said that correctly. Furthermore, if you wait until your 2011 tax refund comes in 2012, you will need to spend your refund before filing for Chapter 7 if the refund is at all sizeable. You will need the advice of an attorney to spend your refund in a proper manner before filing in 2012. Tax refunds need to exempted just like the camper (with the wild card). But you may not have enough "wild card" to go around. I strongly recommend that you get an attorney.

The answer to your question is - most likely - yes, the Trustee will take the camper and sell it to pay off some of the money you owe creditors. You can keep your house and a car in Chapter 7 bankruptcy, if you reaffirm the debts owed on those items. However, I am not aware of any provision that would allow you to keep the camper, unless its value is very small and you could fit it within one of the categories of exemptions provided for in the Nevada Revised Statutes, Section 21.090. As part of your Bankruptcy Petition, you have to let the Court know of any items provided to family members within the last year. If you return the Camper, it is possible that the Trustee can go after it and take it back. However, if you sell it back to your in-laws for fair market value, you may be OK. However, I would speak with a bankruptcy attorney before doing anything to make sure what you are doing will not cause you problems with your bankruptcy.

The bankruptcy laws usually let you exempt certain property. That means that you can keep it so long as it fits within some exemption law. If you have no equity in your residence, you may be able to use around $23,000 to protect the camper or any other property such as cash. Without more information, it is impossible to tell you whether the camper is exempt or not. Also, if the camper requires some registration with the Department of Motor Vehicles, transferring it to your in laws close to the date you file a bankruptcy petition may work to ensure that both you and your inlaws lose it, instead of saving it. The bottom line is that you need to consult an experienced and knowledgeable bankruptcy attorney as soon as possible before you transfer or do anything with the camper to figure out whehter it is exempt or what steps you need to take to preserve your property. Reputable attorneys will not pressure you into filing right away with them, but will instead advise you about your options and what to do to ensure that when you file, your case goes smoothly.

The answer depends on what the camper is worth. In a Chapter 7 case, you are allowed to exempt a certain amount of property from the bankruptcy estate (meaning you would keep that property). Depending upon what your other property is worth, you may be able to keep the camper, but you would want to have it valued before making a decision. You would be required to identify any property that you have given away or transferred, so giving the camper back would not help.

Yes, you can keep it. The value of the camper will be important, so you will need to know how much it is worth. If you intend to file, you do not want to give it back to you because this could be a serious issue. The bankruptcy trustee will not just take the camper under normal circumstances. If it holds a lot of value, then you are given an opportunity to pay cash to the trustee for any amount of the equity you're unable to protect using the bankruptcy exemptions you're entitled to for personal property.

You should be able keep the camper plus other items depending on their value. We can exempt property under the bankruptcy code which allows you to keep certain assets within values provided by statute.

A 1986 camper is not worth much so must likely you will be able to exempt it and keep it but that will depend on what else you own that you are going to keep. You have a certain amount of exemptions available to protect assets and if your exemptions allow you to keep everything then there is no problem keeping the camper.

Possiblly it depends on what it is worth and your others assets. You need to consult with an attorney.

First, you cannot transfer it back. The Chapter 7 trustee would simple undo the transfer back and sell the camper any way. Second, you probably would be able to exempt it, depending on the other property you have. Under the law, you are entitled to keep a certain amount of property safe from the collection of creditors and the trustee. Depending on the value of a 1986 camper and the other exemptions you take, you would more than likely be able to exempt all or part of the camper. If you couldn't exempt it all, most trustees will offer to sell you back the remaining interest.

There is no Colorado exemption for campers, so it would become property of the bankruptcy estate. It's probably not worth much, so the trustee would likely sell it back to you cheap. If you give it back you have to disclose that and the trustee has the power to take it back. Not disclosing the camper or the transfer back to your in laws is a federal crime.

It depends on whether there is a statutory exemption available to cover the camper and if the dollar amount of any such exemption is sufficient to cover the value of the camper. You cannot just give it back as the trustee can recover either the camper or its value from them AND you would lose any exemption rights you may have had. You should consider using an attorney, as the question others have been asking more than any other on this site is why was the trustee able to take my property and sell it - and they all filed on their own thinking it was just a simple matter of paperwork.

Maybe and maybe not. It is going to depend on a lot of fact specific questions regarding what you have or don't have.

A 1986 camper isn't worht that much. I don't know what else you own and that would be a factor. Check with a local lawyer. Make an appointment. They don't bite (generally).

Each person has a $4,000 wildcard exemption (double for married couple) for all of their personal property. So it will depend on the value of the camper. Do not transfer the camper back to the in-laws.

If you are living in the camper, then you could claim it as your homestead exemption. Otherwise, based on the limited information you have shared with me, you have a few good options and one bad option. Good option #1 - You could sell the camper for fair market value, and then use the money to pay for regular household expenses (including the cost of filing your bankruptcy). Good option #2 - You could file the bankruptcy, but list the camper as an asset. A 1986 camper (particularly a small one) may not be worth much. The trustee might decide to not mess with it. Or else if the trustee does decide to liquidate (sell) it, he or she may permit you or another family member to buy it back from the bankruptcy estate at a reasonable price. (if you do this, it would be smart to document all potential problems with it, so the value will be as low as possible... i.e. is there rust on the body, does it rust, does the toilet not flush right, does the A/C not work, etc.) Bad options - It is a bad idea to give the camper back, as giving away assets before a bankruptcy filing can be invalidated and the asset taken. It is also a bad idea (as in criminal) to conceal the fact that you own or owned the camper. Good luck to you. I of course encourage you to contact a bankruptcy lawyer in your area to discuss this in more detail.

Look at the exemptions in your state. In CA you could protect it under 703 Wildcard Exemption.