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jetaddict
02-07-2003, 02:01 PM
Do you have to sell a boat hull to pay creditors, being there is a luxury tax on it? It is a whole boat now but can quickly be made into a stripped hull.I am filing chapter 7.Any suggestions would be helpful.I can transfer it to a friend if this is the case. Thanks ahead of time.They wont get the whole boat goddamnit!

GlastronGuy
02-07-2003, 02:07 PM
Good luck with this.
[ February 07, 2003, 02:43 PM: Message edited by: GlastronGuy ]

jetaddict
02-07-2003, 02:40 PM
All I am saying is I would rather give it away.

miller19j
02-07-2003, 02:45 PM
I will probably get flamed for this but why don’t you sell it and pay some of your debt?

jetaddict
02-07-2003, 02:47 PM
It ain't worth much!I paid alot though!

totenhosen
02-07-2003, 03:11 PM
All I can say is taht if you are already in deep and creditors find out that you are in their eyes attempting to hide assets they can come after you for fraud.

ssmike
02-07-2003, 03:19 PM
is the boat free and clear?? Do you own a home?

Lakemead1
02-07-2003, 03:35 PM
If you owe on the boat, the lending co. will come get it no matter where it is. If you don't owe on it, that's a good question. I'd talk to a BK attny before doing anything though.

jetaddict
02-07-2003, 03:45 PM
Don't own a house.Boat is paid for.Worth about 3500 bucks.

DogHouse
02-07-2003, 03:49 PM
miller19j:
I will probably get flamed for this but why don’t you sell it and pay some of your debt? That would seem to be the most responsible thing to do. Understandably painful though. Sorry to hear of the troubles, hopefully there will be a silver lining on the other side when it's all done. Good luck...
-brian

ssmike
02-07-2003, 03:53 PM
jetaddict:
Don't own a house.Boat is paid for.Worth about 3500 bucks. Is the boat really worth $3500??? What is the rest of your personal prop worth???
(I mean, do you own a bunch of expensive goodies???)
Send me a PM if you don't want to post in public

Mandelon
02-07-2003, 04:27 PM
I've got two answers here:
1. Sell the boat for cash and keep it in your pocket. Don't put it in the bank...If anybody asks, make a bill of sale for $500 or so. Is the boat listed on a schedule of assets??
2. Other answer: It's best to pay your debt like you're supposed to...you know, the "right " thing to do. It aint right to leave everyone else to make it up cuz you're living beyond your means.... Part of the reason shit costs so much is cuz of the folks who don't pay up!! Damnit!
BK's, NODs and Foreclosure are on the rise all over the country. When the interest rates go up again it will be even worse...... :(
Maybe you had a run of bad luck and its not your fault. That's why there are bankruptcy laws in the first place. So you can get a fresh start.
I don't know your situation, but maybe you should check with a credit counselor if you have bad spending habits and get that under control. Quit using credit cards and pay cash for everything.
No offense intended here, Good luck!
:)

jetaddict
02-07-2003, 04:49 PM
Run of bad luck= Falling off roof and having 4 screws and 2 rods inserted. Disability don't pay much. Little by little everything falls behind.As far as spending,There isn't anything to spend.

Mandelon
02-07-2003, 04:53 PM
I hear ya, not being able to walk/work would very much suck. Didn't mean to insunuate you were a deadbeat...
Did you have to file a list of assets with the court??

miller19j
02-07-2003, 04:54 PM
I am sorry for your bad luck,but you should sell the boat and pay off some of your bills it is the right thing to do. You could hide it and keep it but if it was me I would not feel right about it after.
Best wishes
Miller19j

twistedpair
02-07-2003, 04:58 PM
If there is any way you can avoid bankruptcy, DO IT! It will screw you (rightfully so in my opinion) for years to come. Sell the boat for what you can get for it, and put the cash towards bills.
Have you talked to a credit counseling service? In many cases creditors will settle for pennies on the dollar, just to clear the account. Don't rely solely on a bankruptcy attorney (schiester) they are getting paid up front so they could give a sh#@ about you or anyone else, quick easy cash for them.
My .02

jetaddict
02-07-2003, 04:59 PM
ss you got mail

jetaddict
02-07-2003, 05:02 PM
basically I am just wondering if this is an item that would need to be sold,I was told I would not have to sell my truck. I won't hide it, if I have to get rid of it, I have to get rid of it. Thanks

jetaddict
02-07-2003, 05:04 PM
Credit counselor? I have not checked into that yet,but it is a possibility.Thanx

DUCKY
02-07-2003, 05:06 PM
If you haven't filed yet, you can "sell" it (to a friend) and tell them it was sold to pay bills. The Trustee in your case will ask you if you have recently bought or sold any property, and you will need to tell him you sold it, and maybe even whom to, and you would not be lying. Afyer your discharge, you can simply "buy" it back. I just went through a chapter 7, and it went pretty smoothly. I wouldn't say $3500, maybe more like $750, and say you paid part of your rent with it.

bear down
02-07-2003, 05:07 PM
one word.....MEXICO and have fun.

Her454
02-07-2003, 05:11 PM
jetaddict:
Run of bad luck= Falling off roof and having 4 screws and 2 rods inserted. Disability don't pay much. Little by little everything falls behind.As far as spending,There isn't anything to spend. JetAddict, I've been on disability now since November, same thing. Cant work, just had all the hardware removed. Im lucky to have a good company that pays my disability, and most of my toys are paid for but its still hard. I would exhaust ALL avenues before declaring bankruptcy. Work with your creditors if THEY will, and most will if your not too far in debt. Tell them you may have to file if they dont work out a payment plan for you....it may make the difference and you have nothing now to lose. I hope you keep your boat and your head above water thru this.
Just my 02.

C-2
02-07-2003, 05:34 PM
Ducky is correct, you don’t wanna get nailed by the Trustee for not disclosing a recent transfer of an asset. To an outsider (not related to you) you have to report it if a transfer was made within the past 180 days. An “insider” (family member or relative) that period is one year.
Based upon the small dollar amount, the Trustee most likely would not pursue it (if that amount were $100K, you'd be in for a battle).
BTW
A "Trustee" is a law firm that acts as a neutral third party to administer the case. BUT, they pretty much look out for the interest of the creditors only.
Don’t go out on any spending sprees with your credit cards either…the creditors will show up and contest the discharge, and they will win.
As crazy as it sounds, the whole b.k. process is based upon your truthful disclosures. Everything will be based upon your representations to the court, and under most circumstances, they won’t even check.
HOWEVER, if you get nailed in a sting or random audit, not only will they not discharge you from your debt, but you might be spending a few months at Club Fed on Terminal Island eek! eek!
C2

twistedpair
02-07-2003, 06:12 PM
JetAddict, these guys might be able to help.
web page (http://www.nfcc.org/)
I hope everything works out for you. I'm currently layed off myself, so I kinda know what you're going thru.

spectratoad
02-08-2003, 06:04 PM
My ex just unloaded about 35K worth of debt. She went to the Bahamas of course before she did this. She tried to stick my wife and I with a car loan that I had with her when we were married, NOT! :mad:
I would look at all avenues before doing this though. I got a copy of her BK and she could easily just have gotten rid of the cable, entertainment stuff and cell phones and made up $500 per month according to her financial declaration.
It is just too damn easy to walk away. The BK trustee didn't even question the values she put on everything. Her and her husband just went and purchased all new furniture about two months before filing but they let her say that the furniture was worth about $350. WTF. :mad:

Her454
02-08-2003, 06:17 PM
http://free.***boat.net/ubb/Avatars/Forum_Graphic_Depot/BK.JPG

jetaddict
02-08-2003, 08:55 PM
Thanx for all info going to speak with a credit counselor first before I do anything.

Wet Dream
02-08-2003, 09:11 PM
Definately talk to a credit counselor, and make sure it is a reputable company. If you sell the boat, and list the sale as $500, they can check into it (HIN) and determine (blue book it) that the boat is worth more and that you are trying to hide it. They might not. If you think you can get away with selling it to a friend, make sure you can trust them beyond your expectations.
Good luck my friend.

Havasu Hangin'
02-08-2003, 09:41 PM
Credit Councelors like the NCC or Ameridebt negotiate with your creditors on your behalf, and charge a fee for it. In a nutshell, they fall into two categories:
1. Negotiate Rates
2. Negotiate balances.
I am very familiar with the NCC, as I have a couple friends that work there. Basically, they negotiate your unsecured debt (credit cards, personal loans, etc.) by having you sign a limited power of attorney. That gives them the right to settle for pennies on the dollar.
If you file BK, your creditors will get nothing...if it goes to collections, they get pennies on the dollar. The NCC will settle for 10-50 cents on the dollar.
How they do it is they set up a trust account in your name, and you pay into this account instead of your creditors. Then, when there is enough funds in the account to settle a debt, they present your hardship, and settle the debt. This happens one at a time until they are all settled. Since you have signed the power of attorney, by law, the creditors cannot harrass you to collect on the debt.
If you can afford to pay into the trust and still get by, it's a good alternative to BK. The trust payments are usually alot less than the monthly minimum payments on credit cards, since your are settling the balance, and not paying interest.
Fees are worked into the plan, and the negotiators are paid commission based on how much money they save you, so they are on your side.
Don't even bother with a interest rate negotiation...unless you see yourself coming into a significant amount of money in the coming months- your balances won't move much....it's just a "holding pattern"...
Since you are not paying the credit cards, there is a negative affect on your credit, until the settlement is paid...however, BK is on your credit for 7-10 years.
Good Luck.
[ February 09, 2003, 08:28 AM: Message edited by: Havasu Hangin' ]

OOfatso
02-09-2003, 08:15 AM
jetaddict:
Run of bad luck= Falling off roof and having 4 screws and 2 rods inserted. Disability don't pay much. Little by little everything falls behind.As far as spending,There isn't anything to spend. Yo Jetaddict,
Kinda went through the same thing myself a few years back... Had a lady hit me on my steet bike and broke both of my legs and tore my right foot off...now i have 13 screws and 2 plates also...i went through the BK process and it is a nasty thing...I have pulled it all together again and I have got my credit score back up to the high 790's....Every once and awhile i pull out the picture of me from the local newspaper (pictures of the crash) and I look at my 7 year old and i thank god for giving me a second chance!!!! It was a tough road, but take everything ONE DAY at a TIME! This is the only way to make it through the rough Sh*t!!!! Good Luck!!! What kind of work do you do???
"OO"fatso
:cool:
[ February 09, 2003, 08:16 AM: Message edited by: OOfatso ]

jetaddict
02-09-2003, 09:04 AM
Carpenter,home remodeling,boater!Thanx for all info. :)

OOfatso
02-09-2003, 09:11 AM
jetaddict:
Carpenter,home remodeling,boater!Thanx for all info. :) How much longer do they feel you will be out of work? Are they (Goverment) going to train you to do something else...
"OO"fatso
:confused:

jetaddict
02-09-2003, 12:24 PM
Surgeon will not release me for at least 7 more months due to liability falling on him if I screw myself up. They will retrain me but it has alot of limitations involved. I wrote out a complete retraining outline (including prices) and then found out that I have to spend $4000 to a consultant!! I did all research and cotacting etc.. On my own so all they have to do is put it on a legal form and that cost $4000! $16000 quickly went down to $12000. Have to do without something.Thanx for alll the input.

OOfatso
02-10-2003, 08:20 AM
jetaddict:
Surgeon will not release me for at least 7 more months due to liability falling on him if I screw myself up. They will retrain me but it has alot of limitations involved. I wrote out a complete retraining outline (including prices) and then found out that I have to spend $4000 to a consultant!! I did all research and cotacting etc.. On my own so all they have to do is put it on a legal form and that cost $4000! $16000 quickly went down to $12000. Have to do without something.Thanx for alll the input. I take it that you got these rods and screws in your Back?
"OO"fatso
jawdrop
[ February 10, 2003, 08:21 AM: Message edited by: OOfatso ]

vdrivenman
02-10-2003, 08:39 AM
did the home owner ,even if it is you have insurance on their property ? if so then you need to file againist it for what you need to take care of you & your family, till you can recover or be trained for another avenue of employment.
tell them you are not looking for some large cash settlement, but time to recover and maintain what you have. they will be more than happy to negotitate with you in this matter.

jetaddict
02-10-2003, 11:24 AM
yes hardware is in my back bro.X-ray's lok pretty trippy. What do you mean by the homeowners insurance?

Havasu Doug
02-10-2003, 12:25 PM
spectratoad:
My ex just unloaded about 35K worth of debt. She went to the Bahamas of course before she did this. She tried to stick my wife and I with a car loan that I had with her when we were married, NOT! :mad:
I would look at all avenues before doing this though. I got a copy of her BK and she could easily just have gotten rid of the cable, entertainment stuff and cell phones and made up $500 per month according to her financial declaration.
It is just too damn easy to walk away. The BK trustee didn't even question the values she put on everything. Her and her husband just went and purchased all new furniture about two months before filing but they let her say that the furniture was worth about $350. WTF. :mad: specratoad,
How did you get a copy of your ex's Bankruptcy papers? My ex did the same thing and stuck me with her bills and I never even had a chance to defend myself. She just bought an Excursion and 4 bedroom house, while I'm still paying the debt. burningm

ssmike
02-10-2003, 12:48 PM
Jetaddict,
I received your email...I will get back to you with the good news...Very busy today.
ssmike