Legal Question in Bankruptcy in California

Horses/Bankruptcy

Are thoroughbred horses considered assets? I am in some Partnerships on racehorses, and owe alot of $$ on them. I would like to keep my interests, respective on longterm relationships,and try to pay off the debt, thus not including them in a bankrupcty. Any suggestions/info would be greatly appreciated


Asked on 1/28/09, 6:51 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: Horses/Bankruptcy

If the horses have a track record -- so to speak -- of wins or potential wins, then they're potentially more valuable than if they were just helping to mow the lawn.

You are required to disclose all of your assets and all of your debts in a bankruptcy. Of course, the business expense of keeping the horses can help to offset their value.

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Answered on 1/28/09, 7:04 pm


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