CH7 With Assets

[Anonymous]

What happens when an asset that is legally under my name but not in my posession?  Here is my situation:
I have an RV which is older, 1991, and not in all that great of condition.  Because of its age and condition it is really hard to put a fair market value on.  The RV is in the posiession of a friend of mine that was paying it off in installments but is now not able to pay and refuses to return it.  I will be declaring it but what will/can the trustee do with it?  I've tried to get the RV back but have been unsuccessful.  If it stays out of my posession will I be responsible for getting this thing back for the Trustee or do they handle that?  If the Trustee doesn't want it becasue of the situation and the value of the RV is just put back on my responsibility to deal with?  I may need to report the RV stolen if I can't work something out soon. 

[Anonymous]

Does the RV's highest estimated value exceed the loan amount? If so, the trustee may be interested in the equity if you are not able to exempt it. The trustee could theoretically sue the person with the RV, then sell it.

If the value is less than the loan amount, the trustee would likely abandon it. 

NADA provides pricing for RVs. If you post the year, make, model and options I may be able to pull a value (if it's not otherwise available).

[Anonymous]

I'm not carrying any finance on the RV, it is owned outright.  I looked on NADA and the value presented doesn't match the condition and it only gives a retail amount.

[Anonymous]

The problem is that your opinion on its value may not be enough to persuade the trustee. Typically you'd want to provide a Kelly Blue Book or NADA value, and then apply your exemption to that. One method would be to provide the clean retail value, then an estimate of what repairs would be to acheive this value. Another option is to pay for an appraisal. An attorney familiar with your jurisdiction's practices would be able to answer this question about determing value. 

Regardless, you don't have the RV. Although you can probably not list the RV as an asset (since it's stolen), you have a claim against the person who stole it. That is something you may need to disclose. Let the trustee decide if she/he wants to pursue this, or just abandon the whole RV situation entirely. 

Either way, I'd consult with local attorneys for their opinion on how to handle this issue.