? about bankruptcy and your horses

[myminis]

If you file for bankruptcy and you put your horses, horse trailer in will they make you sell them? I'm fretting and don't know what to do, I need to file, and I have 4 horses left and am scared to death.

 

[Sonya]

I really don't know....the horse trailer possibly (alot depends on the chapter you file)....but I would think the horses no, they are pets basically. Why would you include them when you file? I would ask your lawyer, you're going to need one probably when you file anyhow.

 

[myminis]

I'd be filing a chapter 7 and the only reason why I'd put them down is if my horse trailer is listed on my credit report THEN I have to put at least 2 down. To show I'm hauling something, unless I put I have cows I guess.

 

[shelia]

i wouldn't think you would have to list them unless you have been using them as a business and taking a loss on your taxes. otherwise they are pets. If it turns out that you do have to list them you should put their value at $100.00 or less. If you owe any money on them you will have to put the balance. If not and you don't pay the person you owe the money to they can still file a judgement against you, Or take the horses back.

 

[myminis]

wELL MY CONCERN IS MY TRAILER i WANT TO KEEP IT WHAT DO i DO ABOUT IT?

 

[shelia]

Your attorney can explain how you do that. It can be done.

 

[myminis]

Your attorney can explain how you do that. It can be done.

Thanks Sheila appreciate it. I don't want to list it.

 

[Ashley]

You will have to list everything. YOu will have to get an estimate on the value of your horses and horse trailer. And yes they may make you sell them if there is enough value, but with the horses I doubt that will be an issue.

 

[Katiean]

I knew someone that filed bankruptcy and he had a Grand Piano that was an antique that was handed down in his family. He didn't want to lose it so he moved it to a friends house. The problem with transferring anything to another person is you could get tagged with Fraudulent Transfer. My ex almost got that with our boat and he didn't want me to have it. I would check with an attorney with your trailer. My sister filed and she was able to reaffirm some of her credit accounts and loans that she wanted to keep.

 

[shelia]

Yes you will have to pay for it, but you may be able to negotiate a lower payment with the lender.

 

[Field-of-Dreams]

It also depends on what state you live in. Some states you get X amount of "exemptions" to claim and other states you get nothing. Check with your lawyer, they know best.

 

[myminis]

I want to keep my trailer and keep making payments on it that doesn't bother me that and my truck I just don't want to force to be made to give them up that's all.

 

[Riverrose28]

Each State is different on the amount you can keep, in my State it's around $10,000, but may have changed. You must claim all assets, and that includes everything from your clothes and houshold items to the hay in your barn. If you and your spouse or partner have items in both your names then they only charge half as your holdings. You are responsible for getting estimates on all your assets they won't just take your word for all of, they will on your clothes, furnishings, etc. but not your truck, trailer or horses. They don't consider pets as assets, but if you claim your horses on your taxes as a business, either training or breeding and show profit and lose, then they are assets and you will need someone to estimate their value. They may accept local auction prices, you would need to ask your lawyer. You will need credit reports, tax returns, blue book value on your truck, and a list of all creditors. They may or may not allow you to keep your trailer if it is in your name only, you would need to ask your lawyer about that one. You might try to google bankrupcy and see if you can get some more info. You can keep your house and truck usually since they are secured, Im sure your trailer is too, but not certain.

 

[Davie]

Each state has it's own listing of what items and the number that you can exempt from a bankruptcy.

Example here in OK--you can exempt 100 chicken, 2 horses w/bridles and saddle, 20 sheep, 5 dairy cows w/calves, and year with or forage and feed.

Go to you local college that has a law library and ask the librarian to help you locate the bankruptcy law statutes and it will list what you state allows as exemptions and how may of each exemptions you can keep without penality.

You can exempt almost anything as long as your are willing to re-affirm it and pay for it.

Edited: Went to Google and did a seach for Oklahoma Bankruptcy Exemptions and pulled them up.

I was wrong--vehicle up to $7500.00, Real Estate unlimited value, but property not to exceed 1 acres in town or 160 acres elsewhere. Covers items such as household goods, clothing, insurace, alimony, tools of trade, personal property ect.

 

[myminis]

I looked up Mo bkry exclusions and it say's animals and household and crops, appliances, 1,000 another place said 3,000 and vehicles said 1,000 another said 3,000. Well I'm WAY over. I owe 27,000 and only made 13 payments and it's 544.00 and to get rid of it I'd have to give it back to the bank cause it's only worth so much it's not worth the paper it's written on.

 

[Ashley]

YOu will have to file on it, but you can make an agreement with the company the loan is through to keep the trailer and pay the loan, however you wont be able to pay on it while you are in the process of filing.

 

[weebiscuit]

wELL MY CONCERN IS MY TRAILER i WANT TO KEEP IT WHAT DO i DO ABOUT IT?

I feel two ways about this: If you owe money to other people and can't pay your debts, then why should someone else not get their money and you get to keep your trailer? It doesn't sound fair. So, that's one way I see it.

The second way I see it is that I do NOT believe you should have to lose your horses (PETS). So, if you can keep your pets, then you should be allowed to keep a conveyance for them. (Trailer).

If we have dogs or cats, we need a "pet taxi" to haul them to the vet's. So if you have horses, you should be allowed to keep your horse trailer to haul your horses to the vet's should one get injured or become ill.

However, the trailer is an "asset" and as such it should be listed. If you hide it at a friend's house, you will be in deep do-do, because you have a license plate on the trailer, don't you? That license plate is registered with the state and you'd better believe that if you go through bankruptcy they will be checking all DMV records to see if you have other vehicles hidden somewhere and not listed, and the trailer will show up.

 

[Jill]

We've got to realize that some horses qualify as a significant / valuable asset. Not everyone owns them "just" as pets (though pet is a very important job at my house!). Horses are a luxury any way you look at it. It's been a very long time since anyone really needed to own a horse.

 

[Nathan Luszcz]

In KY you can keep 10k worth of livestock. Why should you keep the trailer? If you owe on it and are declaring bankruptcy, shouldn't it be sold to cover your losses? You aren't getting it for nothing... That equity, if there is any, needs to pay off the other debt. In KY you can keep a budget vehicle, livestock under a certain value, and personal effects (among others).

Edited to add: Horses ARE NOT PETS. Sorry, but they aren't. Period. No debate. To you or me, maybe, but in the eyes of the law, in all fifty states, they are LIVESTOCK. And this is a GOOD thing, you do not want them legally as pets. But you WILL have to list them and they CAN be taken away from you, but most likely will not (unless they are some grand champion worth $20,000). Banks don't want to own horses, they don't know what to do with them and they don't sell for near their assessed value.

 

[Katiean]

"It's been a very long time since anyone really needed to own a horse."

No Jill, I NEED my horses!!!LOL

"Banks don't want to own horses, they don't know what to do with them and they don't sell for near their assessed value."

Besides, they would have to feed them. it isn't like taking in a car that can just sit there.