Planning to file for Ch.7 Bk. Owe about $70k in debt, am unemployed except for odd jobs to pay basic monthly expenses, have a older car valued at about $4,000 dollars...so I don't have much. BUT on paper I am 50% joint owner with family member of a small aircraft (Cessna) even though in reality it really belongs to bro-in-law. Will Trustee force the sale of this to pay for my debts??? The plane is worth about $70k, so my "ownership" is about $30k-$35k. Or can this be claimed as an excemption? Which one? Ohhh, I live in California (San Diego).
Asked on 10/28/10, 12:06 pm
2 Answer from Attorneys
Brian Whitaker
Lifeline Legal, LLP
We can only exempt about $23,000 of your equity ... although costs of sale would be considered in determining whether the Trustee would want to bother with trying to sell the plane.
Answered on 11/02/10, 2:19 pm
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