Division 1 Proposal and my RV
August 4th, 2009 by Questions
I own an RV which is my most valuable asset. There is no equity in my home due to the amount owing on the mortgage. I have been told by the trustee that it would be more beneficial for me to sell the RV. It would look like I were making a sacrifice, and it would be more appealing to my creditors. I really don`t want to sell the RV because that`s the only recreation my family has. Do you think creditors would vote against a Division 1 Proposal if I do not sell my RV?
Posted from: New Brunswick
One Response to “Division 1 Proposal and my RV”
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August 05, 2009 at 7:50 am, A licensed trustee said:
Sorry, but I’m not going to second guess your trustee – at the end of the day it is YOUR proposal. If you think that it is important to keep the RV then by all means keep it. Just be prepared for your creditors to expect a higher rate of repayment than they might accept if you sold the RV first. It’s your decision.