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Bankruptcy

: Arizona Bankruptcy Attorney Blog

No, You Can't Keep Your Personal Submarine in Your Chapter 7, Unless You Pay for It!

By Joseph McDaniel, Esq.

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Most people keep everything they have in a Chapter 7 Bankruptcy Case in Arizona, which is why most bankruptcy cases are categorized as "no asset" cases.

Bankruptcy trustees compare the list of exempt assets in Arizona with the list of assets on the schedules of the debtor, and as long as they match, the debtor keeps everything, including non-exempt items that are worthless or over-encumbered.

If you have a jet-ski, or a three-wheeler, or a toy hauler, those items are not exempt, and if they're free and clear and you haven't sold them pre-petition, the trustee will take them and auction them off, unless you buy them back from the trustee.

And sometimes they'll accept payments.

And my clients have had lots of luxury items over the years, from Rolexes to Hummers to Airplanes, but none have yet had personal submarines.

Which makes me sad; I would like to examine one of these things for a few days.

Just to help the client estimate its value, of course.

Full post as published by Arizona Bankruptcy Attorney Blog on February 24, 2011 (boomark / email).