Yes, the entire boat is at risk.  How much risk depends on a number of factors, such as which chapter of bankruptcy was filed, the amount of equity in the boat, whether you (or the co-owner) are current with the payments on the boat, what exemptions are available to the co-owner in his/her bankruptcy case, etc.Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.