Does the trustee show up at the house?

[Dollar Bill]

I was curious as to whether a trustee has ever shown up at someines house? Or has the BK court appointed soemone to walk through a home?

In another post I mentioned rhat I purchased furniture approx 4k.

It will be five months old when I file. I purchased on credit that I have been paying on time. The BK size is 800k. Will the trustee be interested in a sofa set and queen bedroom set?

[FreshLikeADaisy]

Dollar Bill, it is incredibly rare, but it does happen from time to time. I have heard of it in audits that uncovered evidence of hidden assets, and while the trustee has that legal right they rarely exercise it, even in audits.

There was also a guy that posted here a few weeks ago about how a trustee MUST have been out to his house, because at the 341 the trustee demonstrated a knowledge of exactly what this guy had in his shed, which the trustee would never had known if the trustee hadn't peeked through the windows.

So really, you never know. It's rare, but I'd hate to be the one that proved to be the exception to the rule, which is why I was scrupulous in listing my assets at a fair price. You never know what a trustee will uncover...

As for the furniture, if you bought it on a loan that you are now discharging in bk, you may have to surrender it to the creditor as secured property, but I doubt the trustee wants your used furniture. Generally they want cash or assets that can easily be liquidated, not the stuff you can find at a garage sale. Hope this helps.

[veloguy]

Yeah, that was me...

At the 341 Trustee blindsided me w/ a question about how many bikes I owned and what their value was (I've got a lot of bicycles). I answered honestly and trustee hasn't said anything about it since the 341. I never put any of this info down or even talked about it w/ the attorney.

So after the 341 I asked my attorney how he would have know about my bikes, and attorney said very matter of factly, "Oh, he went by your house when you weren't there and poked around and looked in windows, etc. It happens sometimes even though he's not supposed to do that."

He was probably looking for a $30K Harley or some other really expensive toys that people probably sometimes try to hide. Just be careful to disclose everything.

[ssdsco]

I was curious as to whether a trustee has ever shown up at someines house? Or has the BK court appointed soemone to walk through a home?

In another post I mentioned rhat I purchased furniture approx 4k.

It will be five months old when I file. I purchased on credit that I have been paying on time. The BK size is 800k. Will the trustee be interested in a sofa set and queen bedroom set?

You should assume the trustee will go through at least a couple years of bank and credit card statements looking for assets given the $800k debt. I'd make sure you can account for items of value reflected in those statements as well as large cash transactions. The furniture should be reflected in the BK inventory.

I will also be a high dollar filer. My attorney suggested I use a 3rd party appraiser for all items of value including household goods, cars, toys, etc. He recommended I use the same appraiser/auctioneer the trustee uses. This is especially important if you don't have many assets given the $800K. He also had me go back as many years as I could and document any large transfers including homes, cars, cash, etc.

My attorney is also a trustee and his goal is to have zero issues, be prepared for the most likely questions and have smooth sailing. He's also been very helpful with ways to convert $1000s in non-exempt assets into exempt assets.

[Dollar Bill]

Thanks for your responses. SSDSCO sounds like you have a really great attorney. It would probably be fairly difficult to find someone like that .