Will I lose my rv if I file chapter 7? 12 Answers as of June 11, 2013

I am currently making payments (I am current on payments) on a 40 foot rv that has no equity in it. If I file Chapter 7, would I be able to keep the RV, my car and my house?

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Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Your questions states that there is no equity in the RV, so if you can keep up the payments, you can keep the RV in or out of bankruptcy. You do not tell me if there is equity in your car or your home. The same analysis applies. If there is equity, you then need to look at what exemptions are available to you to protect your assets. I will be glad to help you with this if you call me for a free consultation.
Answer Applies to: California
Replied: 5/17/2011
Financial Relief Law Center
Financial Relief Law Center | Mark Alonso
It depends on the laws of your state and what property exemptions are allowed. Generally if there is no equity, there is no problem and you continue making the payments on your secured debts. If any of your property has equity then you must determine if it is protected by your state's exemptions.
Answer Applies to: California
Replied: 4/29/2011
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Generally people keep everything in a bankruptcy when the property has no equity. You just have to keep making the payments.
Answer Applies to: California
Replied: 4/19/2011
Cohen & Kendziorra, P.A.
Cohen & Kendziorra, P.A. | Robert S. Cohen
Yes.
Answer Applies to: Florida
Replied: 6/11/2013
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
That depends on the equity in each of the assets you list and what exemptions you have available to protect that equity under applicable state law. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
Answer Applies to: California
Replied: 4/18/2011
    Burnham & Associates
    Burnham & Associates | Stephanie K. Burnham
    If you continue to make payments you should be able to keep the asset provided that there is no equity, or any equity in the asset is covered by an exemption. You may be required to re-affirm the debt for the Lender to consider you still in good standing and making the payments. You should speak with someone like an attorney or financial adviser to ensure it is in your best interests to keep those assets.
    Answer Applies to: New Hampshire
    Replied: 4/19/2011
    Ferguson & Ferguson
    Ferguson & Ferguson | Randy W. Ferguson
    The question requires more than a quick answer. You should sit down with an attorney and go over all of your information. Only after a complete review of your situation can anyone tell you what will happen in your case.
    Answer Applies to: Alabama
    Replied: 4/18/2011
    Law Offices of Steven A. Wolvek
    Law Offices of Steven A. Wolvek | Steven A. Wolvek
    It depends on the Trustee and whether they will allow that expense. In most courts you would be able to keep it if you are current and there is no equity. You may have to sign a reaffirmation agreement which would obligate you on the debt in the future should you not be able to pay and the RV was repossessed. In that event the prior bankruptcy will not shield you from future liability.
    Answer Applies to: California
    Replied: 4/18/2011
    Bankruptcy Law Office of Robert Weed
    Bankruptcy Law Office of Robert Weed | Robert Weed
    You did't tell me if you have equity in your car or house. The RV should be fine.
    Answer Applies to: Virginia
    Replied: 4/18/2011
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    That depends on your requirements for such a large RV. If it is a luxury item for recreation and the monthly payments are high, then it might not be reasonable for you to pay for the RV and not pay your creditors. The Trustee will ask you why you should be allowed to use your money to pay for the RV and have your debts discharged, particularly since you have no equity in the RV to protect. In effect, you would be asking your creditors to pay for your upside down RV.

    The objection might be on the basis of bad faith. This all depends on the numbers involved, your income, where you are going to file, the value of other assets, and much more you are not disclosing in your question that you need to discuss with a local bankruptcy attorney who you should hire to represent you. As far as keeping your house and car depends on the amount of equity you have and your age, disability status and maybe even your income over the past year.

    Again, don't even think about filing without competent legal representation by a bankruptcy attorney as there is lot of risk involved and you cannot dismiss a Chapter 7 without Court permission if things go bad.
    Answer Applies to: California
    Replied: 4/18/2011
    Mercado & Hartung, PLLC
    Mercado & Hartung, PLLC | Christopher J. Mercado
    Exemptions are used to protect property, lots of factors would depend on whether you can use an exemption to protect your RV.
    Answer Applies to: Washington
    Replied: 4/18/2011
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    Insufficient information to say for sure, because this will depend on the exemptions of your particular state and the prevailing attitudes of the Chapter 7 trustees and judges in your federal district.
    Answer Applies to: Indiana
    Replied: 4/18/2011
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