Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Bankruptcy - Chapter 7 question.? - I unfortunately have accumulated a lot of debt and qualify to file chapter 7. I was told I can keep my home and leased car as long as I keep making payments. My question is I have a loan on a boat that I took out years ago for friends (who didn't have good credit & I did) and they give me that money each month and I pay the payment. We've been doing this for about 4 years now. The boat loan & title are in my name. I don't want to lose the boat since it's not my boat. Now they have great credit and can put the loan in their names, but I was told that I would have to show transfers and this could cause a problem. It's not like this boat is anything great, it's 20 years old & still has a balance of $7,500. The lawyer told me they can take it away or if I get an appraisal & say it's worth $8,000 buy it back from the bank for the difference. No payments have been late since they give me the money each month & I write out a check the minute I deposit it. I was told I wont know until the hearing if it's going to get taken away. I know boats aren't selling now & I doubt they would want to go through the trouble, but I don't want to lose the boat for them. -
