Asset case or not?

[beachymama]

Of course I don't think I have alot of stuff, but maybe I do? It is me, my 4 kids (one away in a college dorm) and my mom (who lives in Florida seasonally).

I don't want to sell my things, I have been giving clutter items away on the local freecycle boards (like books, clothes, videos, dvd's) etc.

I have not filed, but I plan on it in a couple of months, but should I get a storage unit to keep my mom's stuff and my daughters stuff (her old room is now being used as an office-den) out of my list of "assets".

I have not went out and bought any furniture since 2005 when I bought my home. I have a 32" inch TV I bought for under $500 earlier this year and a new laptop from Jan 2008. Are these considered excessive assets? or normal items? I have been paying on all credit cards until this month, as I have lost my job and just cannot rob peter to pay paul anymore.

[justbroke]

I have not went out and bought any furniture since 2005 when I bought my home. I have a 32" inch TV I bought for under $500 earlier this year and a new laptop from Jan 2008. Are these considered excessive assets? or normal items? I have been paying on all credit cards until this month, as I have lost my job and just cannot rob peter to pay paul anymore.

The recently purchased TV and Computer are more than likely covered under Exemptions (State and/or Federal). They wouldn't count as non-exempt assets as they would be protected (exempt)

Depending on your State of Residence (with some exceptions if you haven't live there for 2+ years), most "household goods" and "household furnishings" including clothing, are protected and "exempt" from being sold in your Bankruptcy Estate.

You need to STOP paying your credit cards, if you plan to file in the next 6 months. You're just throwing away good money that can be used to support your FAMILY.

More importantly, don't try to dispose of non-exempt assets even by giving them away. That transfer can be avoided by the Trustee if they feel it was "avoidable". You need to look at your "assets" and then determine if they are exempt under State and/or Federal Exemption law.

Even if you have some things that are non-exempt, the worse is that the Trustee will dispose of it (sell it). It's not your worry. Especially if you're filing real soon... don't move assets around unless you've consulted an Attorney!

There is no Bankruptcy Court or Trustee who's going to take Children's clothing, toys, education materials, etc. Those items are protected for a reason!

[AngelinaCatHub]

You are to price your stuff as if you would purchase them at a yard sale. The laptop is incidental as they take a big hit in value such as does jewelry or cars. Your TV the same unless it is a HD super lcd thing, but for 500 I doubt that the case. You have a place to list things you store that does not belong to you. It would be doubtful that anyone would inventory your house. Your lawyer should aid you in filling the paper out. 'Hub

[justbroke]

You are to price your stuff as if you would purchase them at a yard sale. The laptop is incidental as they take a big hit in value such as does jewelry or cars. Your TV the same unless it is a HD super lcd thing, but for 500 I doubt that the case. You have a place to list things you store that does not belong to you. It would be doubtful that anyone would inventory your house. Your lawyer should aid you in filling the paper out. 'Hub

What 'Hub wrote. There's an on-line tool called ItsDeductible that I used for certain things. You may be surprised to learn that the $100 pair of jeans you bought last year, are only worth about $10.00.

Yard sale pricing is good to evaluate clothing and other household goods.

I've never heard of anyone ever coming to someone's house or storage unit to inventory the same.