Showing a loss

[simonhall]

[aa06a47]

You can only list the value of the asset that was destroyed. Since you were payed the full value, I do not believe you can claim a further loss.

Be very honest on this statement of financial affairs. You don't want to risk not getting a discharge just because you try and imply your a little more worse off than you really are.

[simonhall]

Thank you!

I have the estimate for repairs and it says right on it that it would have cost 8k to repair and the insurance company only gave me 2k. See what I mean?

The form says to list your damages and then tell how much was paid by insurance. So weren't my damages 8k, with only 2k paid by insurance?

[Jenny]

Where would you show the loss? It's not a debt unless you owe more than $2,000 on the loan. Then you would list it as a debt. For future reference, that's what gap insurance is for. If you buy that when you finance a car, you don't owe the balance of the loan if the car is totaled and worth less than what you owe.

If you don't have a loan of more than $2,000 out on the car then I don't think the loss applies to your bankruptcy.

[simonhall]

The car was paid for when I had the accident. I'm just saying that the insurance only gave me 2k when the cost of making repairs would have been 8k. I thought that would count as a 6k loss on the statement of financial affairs.

Thank you for your help!

[Minnymouth]

Simonhall,
The court is not interested in your losses on your financial sheet (I lost my house, duh, no write off on it in bankruptcy or income taxes). All they are interested in are your expenses and income and who you owe.

[simonhall]

Guess I won't put it on the SAF then. Thank you!