newwriter45 Posted March 3, 2005 Report Posted March 3, 2005 Hi everyone!My dh and I are just starting the process to bk. I've been reading and learning. We have tons of paperwork to fill out, most I can deal with, but I'm really confused about the issue of household possessions. I've seen bankruptcy auctions in the paper before, and have been told we must list EVERYTHING we have. I was kind of shocked though to think that someone might actually come into our house, and say we'll take this and this and this. I know some things are exempt, but is that how it works? You list everything you own, and the trustee comes and decides what he can sell? Most everything we own is considered "honeymoon possessions", in other words, given to us by friends or relatives,not worth anything. The most we own would probably be our TV's and a word processor. Does anyone have any real life bk experiences to tell about? It would be kind of nice to have someone to talk to who had actually been through it before, and could tell us what to expect. This would be a great topic for newbies to find also!Thanks everyone!
willingtocope Posted March 3, 2005 Report Posted March 3, 2005 I can help a little. First...the trustee isn't coming to your house. Trustees are paid a flat fee...like $60...for processing your paperwork. If, in doing that, they see enough assets to make a LARGE payoff of your unsecured debts, they may get interested...because they will also get a percentage of that. But...when you fill out the papers, value your assets based on yard sale prices. For example, the 48" projection TV we paid $4000 5 years ago, is worth about $200 now. Although I know its possible to do a BK 7 pro se, I would suggest you scrape together the money for a lawyer...usually in the $800 - $1200 range. They'll help you answer the questions on the forms and will also be aware of what the recent changes to the BK laws may force you into. At the very least, go talk with a couple different lawyers...most will give you a free consultation...just to get a better feel for what's involved.
LadynRed Posted March 3, 2005 Report Posted March 3, 2005 The Trustee won't come to your home and pick and choose. Most people never lose a single thing as the exemptions for personal property covers it. You use garage sale prices for your values on things. I'm sure you lawyer told you to list 'everything' but really, it will all go into categories on your schedules. List the 'big' furniture items and electronics, but you don't have to inventory every CD or tape, or every item in your kitchen. What state are you in ?
newwriter45 Posted March 3, 2005 Author Report Posted March 3, 2005 Thanks for the replies! We do have an attorney, it was just late yesterday, rather than call him I decided to ask on here! See how quick you guys are at replying!! I am feeling more clear headed about this today, understand it a little better, but one thing still confuses me. Say I lump all our living room furnishings into one categorie: living room furnishings. I have a piano, it's about 100 years old, beautiful cabinet, but it needs some work on the keys. Do I lump this in with the other stuff, or list is separately with its age?I live in NYThank you!
bingo Posted March 3, 2005 Report Posted March 3, 2005 I'd just list it with the furniture.The trustee does not want your old crap. If the trustee took it, the DOJ would be responsible for the cost of pickup, storage, repairs and refurbishment, insurance, storage and, the expenses of a sale.Consumers goods depreciate rapidly. Go to some Goodwill or Salvation Army outlets and pawn shops and realize that the stuff is heap cheap and you're looking at THEIR retail prices. Then take 30% or more off those prices and you'll have a realistic figure about what you stuff may be worth.Unless Mozart had his azz parked in front of that piano, it's just another old dust catcher.Hint: You do not have any antiques. Just old junk!
jq26 Posted March 3, 2005 Report Posted March 3, 2005 i doubt it will even be looked at- my entire bk took about a half hour to file in my attorney's office. The number of cases that a trustee looks at every day is staggering- unless there is a large sum of money (above exemption) or a sizable tax return worth retrieving, they could care less. In my experience, that's how it was anyway!
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