This couple owes about twice what their RV is worth and can't make the payments. It is their only home. Will declaring bankruptcy allow them to keep it rather than having it repossessed?
The short answer is no, but Bankrate's Bankruptcy Advisor Justin Harelik has a suggestion under Chapter 13. This is a reorganization of your debts, but it could lower the amount owed on the RV - as long as you could still pay it off within five years.
The best solution is to avoid this in the first place. Save up a larger downpayent so your payments are manageable, buy a smaller, less expensive RV or even a used one would all have be better choices in retrospect than to be in the position where you might lose your only home.
Ths couple, depending on their financial situation, may have to work for a while, even if that wasn't in their plans. There are plenty of options for that too, as outlined in Support Your RV Lifestyle! An Insider's Guide to Working on the Road. Let's hope they can work things out.
See Bankrate.com for the article