Bankruptcy ?

[myminis]

If you claim bankruptcy can a judge force you to sell your minis, truck and horse trailer, I have a tractor that's just a small one I use could they force me to give that back too, I use it a lot?

 

[Bess Kelly]

You need to consult with an attorney. Most will give a short free consultation -- things are different in some areas.

 

[Sixstardanes]

Definately have a bankruptcy attorney on your side.

You *may* not have to sell them BUT you may be forced to pay your creditors the value of them as if you sold them.

 

[Miniv]

Ditto the advice regarding contacting a bankruptcy attorney......

It's been my understanding that the rules vary depending on what type of bankruptcy you file under.

 

[Davie]

Contact a bankruptcy attorney or ask for a referal from your state bar association or legal aid assocation. Each state has a list of items that can be exempted out that you can keep, ie: here in OK you are allowed to keep XX number of chickens, XX piece of farm equipement, etc. Oklahoma happens to be somewhat agricultural.

You can always ask to "opt" out items but you will probably have to pay the creditor.

Only a good attorney will be able to help you with these questions. You could also go to a local college's law library and ask for help in looking up the bankruptcy laws for your state that will list the exemptable items--but it is only a listing and the attorney would be able to tell you how they apply to your particular situation and filing status.

Only reason I have some knowledge is my relative had to do this several years ago.

 

[myminis]

Thanks I never thought of an attorney. I know of one so I'll see if they do bankruptcy's. Appreciate it.

 

[Boss Mare]

Get an attorney.

However they can't take your only transportation.

In my cases I've never seen them take "pets" which your minis are, especially if you twist the truth a little and claim them at a low value.. how much would you get for them at an auction, think wise....

Watch your bank account and what you're spending your money on.. they'll ask to see this as proof. Pull cash and pay with cash so they can't track $___ this amount for horses, $__ amount for dining out, etc.. Use your bank account (debit or check) for this like groceries, gas, rent, etc..

You may end up owing somewhat, depending on your situation.. but they will work with a payment plan that YOU can afford.

They do other other debt options however.

 

[myminis]

OMGosh I'm so glad you posted to me before I went to the attorney today. Bless you. I had a hunch to say the minis weren't worth much and HA in todays market their not so I'll claim them as pets, which basically they are to me. I have 2 vehicles cause I can't afford to drive my truck all the time, gosh I wouldn't be able to pull out of the driveway other then 2 x's a mth. Only time I drive the truck is to a horse show, vet to pick up a horse-take it to the trainers-when I had money.

Thanks for you valuable input, I'll start taking cash out. myminis

 

[minimule]

Been there Done that....got the T-shirt.....

When we filed in 2005, it was just before all the laws changed.

We had to put a value on everything we owned including the horses. Of course mine I could really value low because I wasn't showing, no "big names" and a couple were unbreedable pets.

They did allow for a certain amount of "protection" value. They took a ratio and said that we could could value certain things that we wanted to keep. What saved the horses was that our lawyer put a room/board amount on them. IF they had taken them from me they would have to have paid me for taking care of them during the whole time we were pending.

We lost both vehicles, could have lost the house but didn't. We agreed to continue paying the mortgage so we got to stay in it.

It's a tough thing to go through. If you can avoid it....I recommend avoiding it.