How do they find your assetts?

[Geisha]

I have an appointment with my lawyer to finally file ch7. How does the trustee know what kind of assetts I have? The only things I have of value are my engagement ring(paid by fiance with his money). I have a laptop computer(18 months old and need for work) and finally the most sentimental items...my parents have been buying me Waterford crystal since I was about 10 years old(30 now). They have a pattern named after me(Alana). The whole collection is worth $4000-$5000. What's the chances they'll find out about that?...or anything else for that matter?

Thanks

[tdooders]

You are supposed to be honest and list ALL of your assets even the smallest ones like costume jewelry, clothing, etc. They want a list of everything that you owe. Your attorney will answer all those questions. I just wouldnt try and hide anything. Our attorney had a client who forgot to list a farm that he had and the FBI investigated him and he is now doing jail time for fraud. Also when my brother went to his 341 meeting a few years ago he said there was this one case where the guy didnt list his $100,000 sports car and a creditor showed up asking how can he drive up in that car and not pay his bill. They took the car. Granted those are two examples of large assets that people tried to hide. Im just saying be honest and it will all work out. Good luck.

[HHM]

If the trustee really wanted, they can send someone out to your house and inventory the contents. But as "tdooders" said, the burden is on you to list all your assets, and if you fail to do so, things can get pretty bad for you if they find out you hid something.

[Geisha]

Do you guys of anyone who had their engagement ring taken away 5 months before their wedding? The only reason I doing bankruptcy is so I don't burden my fiance with all my debt.

[davidb81]

that would be exempt wouldn't it? I doubt thaey would touch the wedding ring

[EdytaHome]

Remeber, the value of the crystal should be reported at garage sale values. Do you really think you'll get $5000 for all of it at a yard sale?
Use common sence, don't wear your ring to the 341 meeting.

[Minnymouth]

Waterford Crystal is not considered valuable unless its old, these days you pay a high price for the "name". And when I say old, I mean old. It would be valued at what it would bring in a yard sale. Ask you attorney to help you with a cost factor on it. Keep the crystal and years from now, hard to find peices will bring big bucks to someone when sold at Tiffany's. Probably your grandchildren will benefit most.
Have a good one!