question about exemptions

[veronica]

Hi everyone,

I've just started considering filing for CH 7 and I've been reading the forums which have been very helpful. I couldn't find the answer to a specific question though, which is, how does the trustee determine your exemptions? Are you listing them with your attorney, or does someone actually come to your house and writes down every single thing you own?

Thanks in advance!

[Cali]

What state are you in?

No one comes to your house.

[veronica]

thanks

I'm in NC.

Another thing I'm worried about is I did a balance transfer of $1000 from a cc to my bank account in order to pay my car loan, student loans and and a few other bills, is that terribly bad? I know you should not be charging large amounts if you know you're filing (I haven't started the process yet) but I want to keep my car, which I could continue to pay off.

[Cali]

My paralegal asked me about my furniture, jewelry, etc and how much I thought they were worth. That is what she put on my paperwork.

If you know you are filing BK, and you use the card that can be looked at as fraud.

[veronica]

ok, thanks for the info. I could keep paying my minimums for another 2-3 months I might have to do that, even though I'm not using the money for luxuries, I don't want to risk it. Thanks again!

[Phillymanhere]

Veronica,

How much debt do you have? ... A 1K cash advance isn't considered a lot in the world of bk. I took an 8K cash advance in October 07. I made 5 payments (still thinking I could pay off my cards) and then came to conclusion that I needed to consider bk. My 8K is considered serious; 1k not much.

Look through the stickies. Each state has different rules re exemptions. The trustee doesn't determine your exemptions. There is law in each state. Some states exempt people's houses completely (like Texas I think). Some do not exempt a house at all. Some state allow for the federal list of exemptions (my state of PA does this). Read through the stickies.

No, they don't visit your home, but you are expected to tell the truth to your lawyer and to the court. You got something you're worried about losing?

[Cali]

1k isn't much, but if she took it knowing she was going to file..they will look at that. So she has to have receipts to prove what she spent the money on.

Veronica,

How much debt do you have? ... A 1K cash advance isn't considered a lot in the world of bk. I took an 8K cash advance in October 07. I made 5 payments (still thinking I could pay off my cards) and then came to conclusion that I needed to consider bk. My 8K is considered serious; 1k not much.

Look through the stickies. Each state has different rules re exemptions. The trustee doesn't determine your exemptions. There is law in each state. Some states exempt people's houses completely (like Texas I think). Some do not exempt a house at all. Some state allow for the federal list of exemptions (my state of PA does this). Read through the stickies.

No, they don't visit your home, but you are expected to tell the truth to your lawyer and to the court. You got something you're worried about losing?

[veronica]

I have about 17k all unsecured, none of it frivolous (I always feel like I have to justify considering bankruptcy) but anyway, I'm worried because we're a household of 3 and I myself don't own much, but there are valuable things in the house, which I can't prove I don't own (some of my brother's things) that was my main concern.


thanks for responding

[danaf]

17k is not a lot to file on. Are you sure you cannot work to pay this amount off?

Insofar as valuable items that aren't yours....the bottom line is that they aren't yours. If you decide to file, list only your items. It is that simple.