Legal Question in Bankruptcy in California

Debtors filing for bankruptcy must list all of their property in the bankruptcy petition. Some property can be claimed as "exempt", meaning that you can keep it despite the bankruptcy. Other property is "non-exempt" or vulnerable to seizure and sale by the bankruptcy trustee.

If you have little or no equity in the boat, you would generally be able to keep it if you continue to make the payments. If you have non-exemption equity, you might need to pay money to the Chapter 7 trustee to keep it if you file for Chapter 7. Chapter 13 is a partial repayment plan where you pledge future income rather than liquidate assets, so Chapter 13 might be a way to keep the boat as well.

It is impossible to give you specific advice in this forum without more details. I recommend contacting a local member of the National Association of Consumer Bankruptcy Attorneys for further advice about your situation.