June 28th, 2012 by Questions
can i keep my boat when declaring bankruptcy?
Posted from: Saskatchewan
June 28, 2012 at 10:57 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
If you declare a bankruptcy there are two scenarios’s in which you can keep your boat.
The first scenario is if your boat has been pledged as collateral against one of your loans and the value of the boat is either equivalent to or lesser than the principal balance of the loan. Then as long as you continue to pay that loan and the boat is yours to keep.
The second scenario is if the boat is owned free and clear. If that is the case the only way for you to keep the boat is if you pay the equivalent of fair market value of the boat into your trustee on top of your cost of the bankruptcy.
But you should definitely discuss this in detail directly with a local trustee and they will help you to make the necessary arrangements.
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