There isn’t a horse out there who hasn’t seen a sad owner walk by, because they’re having to let go of their beloved equine companion. It’s a big problem and with what’s going on with the economy, it’s probably not going to be getting significantly better any time soon. That’s why I want to discuss this very important subject with you: Bankruptcy.
Don’t Stop Reading! This Could Help you Keep your Horse, your tack, your horse property, your horse trailer. That’s right! You can, in many cases, completely eliminate the debts that are draining your bank account and keep your beloved best friend. I know you’re conflicted about this, but, somehow, people have very misguided notions about how bankruptcy works. That’s why I want you to hear this from the horse’s mouth.
In Bankruptcy, you are allowed to keep a relatively generous amount of your assets.
If your house has equity (Remember equity? That’s right, most real estate is currently upside down.) you are allowed to exempt a certain amount of that, depending on the homestead exemption in your state. However, when your home has no equity, you can apply the allowed exemption to other property, like: Horses, Tack, Trailers, etc. And, as long as your income is below a certain level, you’ll probably be able to file what’s called a Chapter 7 Bankruptcy, which means potentially ALL your Credit Card debt, personal loans and payday loans will be completely eliminated.
Now, not being an attorney, I recommend you consult with several bankruptcy attorneys in your area and then, after verifying their credentials with the State Bar in your state, that you pick one and file. You might be AMAZED at how happy you’ll be, knowing your horse is safe, your creditors will stop harassing you and you can start life over. Because there is absolutely nothing worse than having to let your horse go because of money problems.