Question: I own a horse and I want to know if my horse can be taken from me if I file bankruptcy here in Georgia? My horse cost a lot of money and it has won various competitions around the world. But my real estate investments have not done well and my restaurant is not as profitable as it once was, so I need to file a bankruptcy. Do I have to give up my horse? Will the bankruptcy court even know that I have a prize-winning horse?
Answer: You do have to declare on your bankruptcy petition that you own a valuable horse. You should obtain an appraisal of the horse's commercial value from an expert. It is possible that you will not be able to keep the horse. However, that depends on the totality of your financial circumstances which we can only determine based upon a full financial assessment.
If the horse (and this is true for other animals as well) is, in fact, a valuable asset, then the bankruptcy trustee can take it. A good bankruptcy lawyer who understands the equine market will help you make the decisions that can impact upon you and your horse.