Non-exempt assets and bankruptcy

Posted on Wednesday, April 30, 2008

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Hello, I have a bankruptcy question.
I own
1. 1982 tent trailer
2. 1986 ATV
The only reason I keep these things is for my kids. They like to take them on summer holidays and I don`t want to loose them. Is there any way for me to file a bnakruptcy and still keep these things?

Filed under: Bankruptcy
 posted by Questions @ 12:55 pm
1 Expert Comment:

 At May 5, 2008 | 6:14 am , Barton Goth GCO Bankruptcy Trustees Said...

Legally speaking these assets will vest in the trustee if you file a bankruptcy.

Now you really can do two things to try and retain these assets.

First is to try and arrange to re-purchase these assets from your trustee. Ultimately the creditors don’t care where the money comes from, they simply care that they get appropriate value, so as long as you and the trustee are able to determine fair market value and you are able to provide the funds to the trustee, then no problem.

Your second option is to not file a bankruptcy, but to file a proposal instead. This way there is no automatic vesting provision and you will retain ownership of these assets.

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