What would happen to my RV during bankruptcy? 9 Answers as of August 13, 2015

I was given an RV by my parents, they told me I could not sell the RV or they would want me to pay them what it was worth. I am about to file chapter 7 or 13 Bankruptcy and I am concerned that I will have to give the RV to the trustee. What can I do?

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Unfortunately, that verbal agreement with your parents isn't worth the paper it is written on! You'll have more options (maybe) in a Chapter 13. I would still need to know the whole financial picture to offer any meaningful legal advice. Meet with an experienced bankruptcy attorney so you can explore all of your options. I would ask another 50 questions, at least! Any lawyer worth their salt is going to charge for the meeting. You have a lot at stake, so don't skimp here! Good luck.
Answer Applies to: Colorado
Replied: 8/13/2015
Ronald K. Nims LLC | Ronald K. Nims
Depending on your state's exemptions, most or all of the RV might be exempt. If the value is more than the exemption, then the trustee will certainly sell it in a Chapter 7. Although any claim your parents have to being repaid will be discharged. In a Chapter 13 no property is sold.
Answer Applies to: Ohio
Replied: 8/13/2015
Stephens Gourley & Bywater | David A. Stephens
In a chapter 7 the RV is almost certainly not exempt, which means the trustee could take and sell it. In a chapter 13 you can keep it if you pay its value into your plan.
Answer Applies to: Nevada
Replied: 8/12/2015
Garner Law Office
Garner Law Office | Daniel Garner
There are too many facts missing to answer your question in this forum. You would be wise to consult with an experienced bankruptcy attorney to find the best way to protect that asset if it's possible.
Answer Applies to: Oregon
Replied: 8/12/2015
Mauritz Van Niekerk, Attorneys at Law
Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
If it is titled in your name with no lien on it you may have a problem.
Answer Applies to: New York
Replied: 8/12/2015
    Patrick W. Currin, Attorney at Law | Patrick Currin
    It depends on the value of the RV and your other possessions as to whether it can be exempted. Consult an attorney that works in this area.
    Answer Applies to: California
    Replied: 8/12/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    You will get a wildcard exemption if you do not have a house and you can use that exemption towards the value of the RV.
    Answer Applies to: New York
    Replied: 8/12/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    One could argue you hold in a resulting trust for your parents - meaning they actually own it. On the other hand it might be "exempt" and you are worrying for nothing. What is and is not exempt (property you get to keep) varies by state. You should consult with a local lawyer.
    Answer Applies to: California
    Replied: 8/12/2015
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    If you live in the RV, you can claim it as your homestead. If you have no other vehicle, you can protect it up to $15,000 in value as your vehicle. But if your parents still own the vehicle and their name is on the title, then it is not really your RV and your parents are only letting you use it. What is the story?
    Answer Applies to: Nevada
    Replied: 8/12/2015
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