If filing Chapter 7, can I keep an old jet ski that was purchased years ago with cash?

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If filing Chapter 7, can I keep an old jet ski that was purchased years ago with cash?

It’s old and in storage but I want to keep it. No credit card was used; I got it 10 years ago.

Asked on December 13, 2011 under Bankruptcy Law, Washington

Answers:

Michael D. Siegel / Siegel & Siegel, P.C.

Answered 9 years ago | Contributor

Just allege its value at zero and see if the trustee does anything.  It probably has limited value. Otherwise try to fit it in some exemption category.


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