Renters' Insurance and Ch. 7

[SJM]

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[keepmine]

Sometimes trustees will ask for a copy of the insurance policy.
If you have assets insured that you don't list on the petition, you're playing with fire.
I'd draw the line at family heirlooms and wedding rings.
First, it may be much ado over nothing. Are the items unable to be protected by your states exemption?
If so, either take a chance by not insuring them until the bk is done or, leave them with a very trusted family member.

[Cali]

I have to show a copy of the rental declaration page for my vehicles and renter's.

[msndsy]

We have renter's insurance (cost is $12/month, just in case you are wondering,lol) and our trustee didn't ask for a copy of the renters insurance or the car insurance. We had to provide a copy of the rental agreement.

[FreshLikeADaisy]

My trustee asked for (and received ) the insurance declaration page for my vehicle as well as any other insured asset... I personally would not want to be in the position of trying to hide assets from the court, especially now with the increased pressure from within the U.S. Trustee Program to eliminate fraud at the same time bankruptcy filings are spiraling upward.

Seriously -- if those items have *ever* been insured, there is a possibility, however small, that the trustee will learn of them via independent means. He/she is not limited to only the information that you personally provide. And if you don't declare them openly to begin with, you are placing yourself directly in the position of omitting relevant detail from your filing, and having your bk audited and/or perhaps dismissed.

If these items are of significant value, I strongly recommend reviewing the state exemptions available to you, and if they can't be exempted, then reconsider a 7 in favor of a Ch13. You could also transfer those items to a relative, and wait two years to file a 7, or convert your 13 to a 7 in the future if your circumstances worsen.

I'm really sorry to sound like a hardass about it -- I know you want to keep your stuff and I would too -- but if those items have ever been insured or otherwise accounted for in records that the trustee could conceivably request of you or access independently, you're taking a real chance that your bk could fail. That's far more expensive than never filing at all.

[CATCHMEIFYOUCAN]

Seriously -- if those items have *ever* been insured, there is a possibility, however small, that the trustee will learn of them via independent means. He/she is not limited to only the information that you personally provide. And if you don't declare them openly to begin with, you are placing yourself directly in the position of omitting relevant detail from your filing, and having your bk audited and/or perhaps dismissed.

I have to agree with fresh daisy, at first my thoughts were dont mention them at all until after you have been discharged, than I saw her remarks and I personally would be paranoid!

Good Luck, Catchmeifyoucan

[keepmine]

Good catch guys. I never thought about there may be a paper trail.
First things first-see if will be an issue by getting them appraised and then go from there.

[SJM]

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[keepmine]

Well, it' like a lot of things in life. It's good unless you get caught. Just understand this is bk fraud though, you'll likely get away with it since there is no paper trail. Just don't wear any of this stuff {assumong jewelry/watches} to your lawyers office or, to the 341.