If filing Chapter 7, can I keep an old jet ski that was purchased years ago with cash?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If filing Chapter 7, can I keep an old jet ski that was purchased years ago with cash?
It’s old and in storage but I want to keep it. No credit card was used; I got it 10 years ago.
Asked on December 13, 2011 under Bankruptcy Law, Washington
Answers:
Michael D. Siegel / Siegel & Siegel, P.C.
Answered 12 years ago | Contributor
Just allege its value at zero and see if the trustee does anything. It probably has limited value. Otherwise try to fit it in some exemption category.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.