How do I save my boat??

[CTFSHWHISKER]

i wouldn't save it..
if you know how it is going to be don't waste time trying to save anything.file the bank ruptcy and be done.been there done that didn't want to and it is kind of embarrasing.
but i,like you,knew where i was headed,,if you file,file "7" an be done..like said as far as saving material stuff,you will have show all you finance stuff from 6 months til the bankruptcy..you will have to show where you sold stuff how much and to who all income and all going out..
as far as you and this is my opinion only..you can't make her want to be with you,it will drag you down and things WILL get ugly,they most always do..be there for your kids always,don't use them as tool vs the wife,hopefully that works both ways.if you have 50\50 custody how will you be able to fish as a pro?at this point i wouldn't worry about the fishing.
not trying to sound self centered but it is what it is,she will never give 100% of herself to you and after knowing how she feels you will be different too..sometimes it is better to move on than try to make things happen..

[Bassky]

I am with JABBO on this one too. Be praying for you and your family.
I am here if you need help!
Brother in Christ,
Bassky

[Col Forbin]

I have a close friend - a little different situation - but still had to file bankruptcy. As part of the process, he was entitled to keep one luxury item - and it was the boat. However, the boat was paid for.

[Tom523]

Ok, I hate to admit failure but I have suffered a HUGE setback in the last couple weeks. My wife, of 13 years, whom I have 4 children with decided she no longer wants to be married to me. I am not handling this real well mentally, or otherwise, but I need to know if any of you can provide advice on my situation. This WILL eventually bankrupt me, no way around it with all things considered. I will stay it off as long as I can, but it is inevitable. My question is this: How can I keep my boat in this process? I am technically a "Professional", since I am on a team, but will that be enough reason to be able to keep it? I am only asking here because I have no real "friends" in Louisville to turn to and I have heard a couple people mention going through these before. We are using mediation for the process and she does not want to boat, so that's not an issue. I am worried about when this thing sinks me, cause I have a loan on it and Chapter 11 (according to the one attorney I have spoken to in general terms) is going to be MY only route to come out ok on the other end. I understand about Ch. 13, but that will not work.
Would putting it in someone else's name and just paying for it work best, or is there some other way I may be overlooking? Thanks for any help anyone can be and if it cross's your mind PLEASE send a prayer up for my children that they may come out of this as well as possible. NOTHING is killing me more right now than the thought of what this is going to do to my 11, 8, 5, and 4 yr olds, even though I am biting the bullet and making this look as "clean" as possible in front of them.....at least for their sake I NEED to do that much.

Thanks,

Rob

PS. Anyone know a good BR attorney in the Louisville area, one I can TRUST?

It is not illegal to sell your boat at fair market value (to a friend if you want to). Any profit that you get from the boat would be considered a shared property in the marraige though and she has the right to 50% or an agreed portion.. If there is no profit then it doesn't make a difference. If you make a deal with a friend to buy the boat and let you use it, then that is perfectly legal. Should you file bankruptcy down the line you no longer have a debt or the collateral to back up that debt in your possesion. However it is best that your wife agree to the sale before the divorce. She can make the claim that you sold that shared asset to avoid paying her, her share. Judges frown on people trying to get over on the system and smile at those the continue to generously support the children.

[CTFSHWHISKER]

It is not illegal to sell your boat at fair market value (to a friend if you want to). Any profit that you get from the boat would be considered a shared property in the marraige though and she has the right to 50% or an agreed portion.. If there is no profit then it doesn't make a difference. If you make a deal with a friend to buy the boat and let you use it, then that is perfectly legal. Should you file bankruptcy down the line you no longer have a debt or the collateral to back up that debt in your possesion. However it is best that your wife agree to the sale before the divorce. She can make the claim that you sold that shared asset to avoid paying her, her share. Judges frown on people trying to get over on the system and smile at those the continue to generously support the children.

yes that is correct,you can sell anything until you file,you will have to note it in the bankruptcy.once filed it has to be cleared through the court..

[RoadToad]

It is not illegal to sell your boat at fair market value (to a friend if you want to). Any profit that you get from the boat would be considered a shared property in the marraige though and she has the right to 50% or an agreed portion.. If there is no profit then it doesn't make a difference. If you make a deal with a friend to buy the boat and let you use it, then that is perfectly legal. Should you file bankruptcy down the line you no longer have a debt or the collateral to back up that debt in your possesion. However it is best that your wife agree to the sale before the divorce. She can make the claim that you sold that shared asset to avoid paying her, her share. Judges frown on people trying to get over on the system and smile at those the continue to generously support the children.

Does it really matter if there's profit? Seems to me that the boat itself would be a shared asset, and so any proceeds from its sale would also be shared assets, whether there's profit involved or not.

[CUZZIN]

I dont belive i would be worrying about my boat or fishing right now,think about your wife and kids and how to salvage the marriage. From what you say you are just worried about yourself and your boat,makes one wonder what happend to the marriage.

[BASSKING]

I dont belive i would be worrying about my boat or fishing right now,think about your wife and kids and how to salvage the marriage. From what you say you are just worried about yourself and your boat,makes one wonder what happend to the marriage.

my thoughts exactly. the boat would be the last thing on my mind. my kids would be top priority.

if fishing comes before your children and marrige than there is no suprise that its turned out this way for you. not trying to be a smart elleck but the priorities seem to be mixed up with your situation

[bassin_bug]

"I am 'technically' a professional since I am on a team."
_____________________________________

Man, I could walk all over that.... and then some. Fishing with a team doesn't make you technically anymore a professional than standing in a garage makes me a car. It's like being pregnant; she is or she isn't but there is no such thing as being technically pregnant.

If your main source of income is not from fishing, you are not a professional. If it is, I recommend you change jobs because fishing gear, gasoline, entry fees and boat payments are eating up money needed to pay your bills and support your family. I can't help but wonder how many long, lonely hours your wife has spent alone wanting and needing you. I wonder how many arguments it took for her love to die a slow painful death. Was it already dead before you even noticed?

Can that dang boat hug your children; can it dry their tears; can it pitch them a ball or replace their daddy; can it read them a bedtime story; can it kiss them goodnight; can it help them say their prayers? You get ONLY ONE CHANCE to fulfill your role as a Daddy and it has to be every day and every night........not every now and then. Don't break the children's heart.

[zx150]

Well said bug.

[Devils Horse]

From experience I'll give you some advice. Take it for whatever it's worth.

Also for whatever it's worth I don't buy her being the sainted one sitting home with the kids waiting for you to come home from fishing. Her unwillingness for counseling, and her willingness to mediate indicates she just wants out. That may mean there's someone else in the picture.

If you have debts such a credit cards, cars, etc, and y'all were living off just your income, you won't be able to support 2 households and maintain your current lifestyle. Your life is about to change in a big way, and you're going to have to man up more than you can imagine. Mediation instead of the lawyer enriching divorce industry our court system has become helps some.

Cash all the liabilities out, truck, boat, and anything else that's financed. Scratch up enough to get a clunker to drive, and look for a cheap apartment. Wrap your mind around the fact that your child support is your first obligation and it is not cheap. It trumps everything, your food, shelter, fishing, other women, and anything else. After my divorce I built computer networks during the day, but took the building's cleaning contract and cleaned toilets at night. Not looking down on janitorial work, just saying you may need a second job.

You may as well look up the state mandated child support formulas because that's what you'll wind up paying regardless of what comes of mediation. One visit to the court by her is all it takes. There is no accountability, she could piss away the money and the state won't do jack about it, but they'll nail your hide to the wall for non payment. You do the right thing, and hopefully she'll do the right thing.

Soon enough she'll marry someone else, and they'll probably have more than you, but that doesn't change your financial obligation to support your children a bit. He could be a millionaire, and you'll still owe the same amount. My ex and husband's cars, house, lifestyle and that of my kids were always considerably better than mine, but I was fine with that. I didn't want the bakstrad paying for my kids anyway.

Also understand that you have the RIGHT to see you kids no matter what happens financially. Use it. Don't let any other noise get in the way of being a father. That's just as important as money.

[DJD]

Good points Jim. It took me about 7 years to get back on track. It does take time....