Q: I am about to file a chapter 7 bankruptcy. A friend loaned us 5k a few months ago when I was going thru major hardship.
My husband and and I used our boat as collateral to said friend. We have not yet been able to make any payments on this loan . But my friend is ok with this and willing to give us more time .Will we be able to keep the boat? We would like to keep it if at all possible. Or will we have to just give it to said friend.
A: If it is properly secured and filed, you will be able to keep the boat, make payments to your friend and it will survive bankruptcy.
Bruce Alexander Minnick agrees with this answer
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