Legal Question in Bankruptcy in Michigan

Re: Question on boat owner

You or your lawyer would have to contact the bank/lienholder to see if they are willing to negotiate with you due to your circumstances and if they will voluntarily take the boat back without placing something on your credit. Their answer may depend on how much the boat is currently worth, and how much you owe the bank. If you owe $9K on it, and the boat is only worth $9,500 right now, the bank would be hesitant to do you a favor since they will have to expend time and money reselling the boat. But if they can make money off it, then they might be willing to do it. Simply stopping payments and having them repossess the boat would obviously affect your credit - and they would go after you for any difference.

Is there anyway you can sell the boat to another person or at least try to sell it? It certainly is the seaon to buy boats right now. This would avoid any possible credit repurcussions.

Let me know if you'd like me to contact the bank on your behalf.

Thanks.

Audra

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