listing personal property

[ameliabedilia]

Another quetion. We are using North Dakota's exemptions and I am confused about listing my property. The lawyer didn't give me a straight answer on this since we now live in IL.
Anyway, here is the list of exemtions that might pertain to me-

Under North Dakota bankruptcy laws, generally you may keep:

Homestead or mobile home to $80,000
Exemption in lieu of homestead to $7,500
All family pictures
Family Bible, school books and family library to $100
All clothing
Provisions and fuel for one year
Motor vehicle to $1,200
Musical instruments and books to $1,500
Household and kitchen furniture to $1,000
Other personal property if single person to $2,500
Other personal property if head of household to $5,000
Any property to $500
75% of unpaid wages
Unemployment compensation


Question is do I list my clothing even though I have an unlimitied exemption?
What does all this mean as far as counting my property?

Why don't they just give an $8000 exemtion instead of one for $7500 and one for "any property to $500"?
Am I missing something here?

Thanks so much,
Amelia

[JollyGG]

Yes you list the clothing and you assign a $ amount to it, but then you list it as exempt.

[SinkingFast]

Just say generic "Clothing" unless attnys in your area itemize. And most cases, unless you have real expensive clothes,......... Your total clothing value will be somewhere between $100 and $200 each for you and your spouse.

Depending on how they do things where you file, you may or may not have to include your children's things if you have kids. Where we are, using State Exemptions,......... The children's things are just that. The kids'.

You could have a WildCard could be for any number of reasons.

Could depend on the wording of the other Exemptions what you are or are not allowed to protect.

Maybe you can't use the $7500 on a vehicle.

Maybe the $7500 can't be used to protect cash assets such as bank accts or savings.

You didn't list a jewelry exemption, so maybe folks in ND use the $500 to protect wedding rings.

Just a suggestion for you,............ Since you have to use out of State Exemptions, be sure you find an attny who's willing to research. We had to use out of State Exemptions so our attny called an attny in the other State to learn about Exemptions. Evidently there's the written Statutes and then there's how those Statutes are applied in BK Courts within the State.

[ameliabedilia]

Thank you so much for the help. Is there an average or "normal" $ amount of assets not including car and home a family of 4 has that does not have anything special like art or collections?
I really appreciate all the help!

[CATCHMEIFYOUCAN]

I heard you just list a price of an item what you think you could make off of it from a garbage sale (garage sale THAT IS !)

Best of Luck, Catchmeifyoucan

[SinkingFast]

The average "Household" ranges anywhere from $1500 to about $3K. For a family of 4, if you don't have a family room and formal living room,............. Possibly $2K to $2500.

Remember when pricing your things,........... Use prices for like kind items.

Where would you buy an 8 year old sofa?? Yard sales, garage sales, Goodwill, Salvation Army, 2nd hand furniture stores.

If you have odd items and you are an eBay member, you can search Closed Auctions for similar things.

We have a "collectible print" we thought might be worth a fair amount. Turns out, one sold on eBay right around the time we were pricing things for $40.

While our things may be invaluable to us, you don't win any awards for upping their worth on your BK petition.