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cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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Hi, I live in Florida and have a boat with $150,000 loan remaining.

Customer Question

Hi,
I live in Florida and have a boat with $150,000 loan remaining. Were I to sell it, I'm told that it would bring roughly $80,000 after expenses. I do not have the remaining $70,000 to pay off the loan, and therefore cannot put the boat up for sale. I also cannot continue to make payments for much longer. Seems that I'm stuck between a rock and a hard place. Any suggestions?
Thanks.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 5 years ago.

cortrightlaw : Depending on the rest of your financial situation bankruptcy might me an option that could eliminate the debt problem with the boat. In order to give you a more complete answer I would need to know your gross income and if you have any other assets with any equity in them?
JACUSTOMER-p6ouagcr- :

Gross income is roughly $70,ooo. Total assets roughly $80,000 excluding home ($240,000)

cortrightlaw : Depending on your household size you might be able to file bankruptcy, you would need probably 2 or 3 people in your household, your assets depending on what they are might also be an issue. Take the time and go meet with a local bankruptcy attorney who can go over your complete financial situation and help you decided of it is a viable option or not.
JACUSTOMER-p6ouagcr- :

ok, but advising me to seek advice is hardly worth $30.

cortrightlaw : Unfortunately to give you a complete answer would involve a 1 hour consultation and gathering very specific information regarding your complete financial situation and preparing your bankruptcy petition which would take about two weeks at a cost of roughly $2,000. So this resource is li
cortrightlaw : Limited to just answering general questions.