itemization list- how detailed ??

[RelaxMax]

Hi, my husbands chapter 7 has just been filed and his 341 is on July 3, our attorney sent us a letter stating the trustee requires a detailed itemization list of his personal items with pictures.

do we include a price on each item or not ?
How detailed is this list supposed to be ? He has about 50 DVDs , does he have to list each one by title or as a lot ?

is there a certain minimum value something must be worth in order to be listed ?

do we need to list five dollar lamps and a twenty dollar chess set ?



these questions may sound silly but our attorney has been of little help and its frustrating to try to have to figure eveything out by yourself !

[Cali]

I would think they would want 50 DVD's, yard sale value.

I hope I don't have to do a detail list of things.

[AngelinaCat]

Hi RelaxMax:

I suggest reading through this thread for suggestions on how to price (and what NOT to price ):

http://www.bkforum.com/showthread.php?t=24342

We were told by our almost worthless attorney to price everything as though it was going to a garage sale--not ebay or any of the other auction house prices. Even so, I think we priced many of our things too high, and are an 'asset case' because of it. Also some things you think are worth a certain amount of money, you can't even give away in a garage sale. Good luck to you. I hope this helps.

[HHM]

Honestly, most people simply list

Household furnishings and personal items. $1000-$2000 depending on size of house.

[danaf]

Pictures of your stuff???? That is INSANE! Talk about a trustee who doesn't trust.

[Cali]

It seems like someone was not honest in the past and now the trustee goes to the extreme to cover all bases.

Pictures of your stuff???? That is INSANE! Talk about a trustee who doesn't trust.

[HHM]

The only time you break out items individually is if they are, by themselves, worth more than maybe $500-$1000, or you have had the item individually itemized for insurance.

[RelaxMax]

thanks to all for your kind help ! My husband and I are working on the inventory right now.
and yes, can you believe it, the trustee wants pictures of everything !

Now, we are not filing jointly , my husband is filing on his own. Do I need to list my personal items as well ? my jewelry ?

[southernbelle]

Hi, my husbands chapter 7 has just been filed and his 341 is on July 3, our attorney sent us a letter stating the trustee requires a detailed itemization list of his personal items with pictures.

do we include a price on each item or not ?
How detailed is this list supposed to be ? He has about 50 DVDs , does he have to list each one by title or as a lot ?

is there a certain minimum value something must be worth in order to be listed ?

do we need to list five dollar lamps and a twenty dollar chess set ?



these questions may sound silly but our attorney has been of little help and its frustrating to try to have to figure eveything out by yourself !

My atty told me to value DVD's and things of that nature as one unit. Using garage sale values, I just took DVD's and VHS tapes and took the value based on what I could get from a yard sale. Anything under $10 didn't get listed.

If you guys are filing separately, the Trustee will probably want expense and income information from both of you, so I would list personal items for both of you just to be on the safe side and keep in mind that you will probably have to list the values sooner or later anyway, so might as well get it over with.

I took pictures of the business equipment I put in storage so that I could remember what I had and what condition it was in, just in case something happened to it in my storage space.