What did you get to keep?

[momof3b1g]

For those that are done with their CH7. I would like to know what things you had and were able to keep. I still don't get the whole exempt thing. You read you can keep 1 TV. So a family of 6 may have to give up their 2nd or 3rd Tv?
No matter the age or condition? I read that they are only looking for expensive items, ATV's, boats, expensive furs or jewelry. Its really confusing.

DH and I have a printer and so do the kids. They won't take that beacuse they are not worth much? Or will they? Because they are a luxury and we have more then one. When will i know if my items are considered exempt?

[RedLight]

If you have a family of six and fall under the median income for your State, you should be fine with the TV's. What State do you live in? The thing to remember is that everything is valued at garage sale prices. Think to yourself as you make your inventory, what would I pay for this at a garage sale? A used printer, not worth anything to a trustee, if those are your biggest assets, you have nothing to worry about.

[momof3b1g]

Yes we are under median. We are in MN. I keep thinking we should be fine, but even the lawyer mentioned only keeping one tv etc. I know about using the value but if the trustee thinks we are lying and sends someone out and they say its worth more. Sure we could just buy new but it would be awhile.
Not to mention these were gifts given to my kids. My mom loves to spoil them. Thier computer was a Christmas gift for all of them. Maybe I will include pictures of them on their b-day or christmas showing them opening the gifts.

[Tbornetun]

I am from MN also.
If the tvs and the computer fit into your household goods exemption, there is no reason why you can't keep all of them. There is no magic number of tvs one is allowed to keep. Do you have equity in your home or cars that you will have to use the wildcard $$ for?

[RedLight]

This is for the MN State exemptions:

Household furniture, household appliances, phonographs, radio and television receivers of the debtor and the debtor's family not exceeding $8,550.

[momof3b1g]

Thats one question I can't get anybody to awnser. As long as we don't go over the household goods exemption we could keep everything? There is no magic number of items you can have. Yes can you explain the wild card?
We ahve equity in our home and our cars are paid off. One vehicle is over the allowed amount and worried about that too.

[relief13035]

We fell below the means and it was never an issue. I am keeping everything, including 4 tv's and 2 laptops. Our attorney didn't ask us to itemized each and every thing we owned. We used garage sale prices and lumped everything into categories. Honestly, I don't think the trustee's have the time or means to search people's homes for assets.

[Tbornetun]

Thats one question I can't get anybody to awnser. As long as we don't go over the household goods exemption we could keep everything? There is no magic number of items you can have. Yes can you explain the wild card?
We ahve equity in our home and our cars are paid off. One vehicle is over the allowed amount and worried about that too.

How much equity in the home? Are you sure it is worth what you think it is in this market? Values of homes in MN have dropped to close to half of what they were worth a few years ago.

If you don't need to exempt any equity in your home, you have a "wildcard" to exempt any property that isn't able to be covered with the other exemptions.

Yes, if you all your household goods and furnishings fit in the exemption, you can keep them all. Keep in mind, married couples are allowed to double all exemption amounts in MN.

[momof3b1g]

How much equity in the home? Are you sure it is worth what you think it is in this market? Values of homes in MN have dropped to close to half of what they were worth a few years ago.

If you don't need to exempt any equity in your home, you have a "wildcard" to exempt any property that isn't able to be covered with the other exemptions.

Yes, if you all your household goods and furnishings fit in the exemption, you can keep them all. Keep in mind, married couples are allowed to double all exemption amounts in MN.

Well between the 2 mortgages we only own $101,000. I believe it is valued at more then that. We have not had it appraised. We just got our tax statement that says 2008 taxable market value is $144,000. 2009 $161,000.
I think the lawyer said they would use the $144,000. How much is an appraisal these days? Whats the reason for exempting equity?

[momof3b1g]

We fell below the means and it was never an issue. I am keeping everything, including 4 tv's and 2 laptops. Our attorney didn't ask us to itemized each and every thing we owned. We used garage sale prices and lumped everything into categories. Honestly, I don't think the trustee's have the time or means to search people's homes for assets.

Thanks nobody ever says what the had and kept. I just keep reading basics, you can't keep luxury items. This gives me hope. Its all so confusing. LOL

[Tbornetun]

I have been finding lately that even the taxable market value is high. Sometimes it is worth paying for an appraisall (about $350), sometimes not, depends upon the area.
The reason you have to exempt your equity is because the equity in your home is an asset. The trustee can force you to sell your home and use the proceeds to pay creditors. This is why it is very important to get an accurate value.

If you have that much equity in your home you are most likely using the state exemptions as opposed to the federal. There is ZERO wildcard in the state exemptions.
Your care that has value exceeding the amount of the exemption, you may need to pay the trustee the difference to keep that asset.

[momof3b1g]

If we are homestead does that cover us from them forcing us to sell?

[Tbornetun]

Not in Minnesota. You will have to exempt the equity in your home. I think the being homesteaded automatically covering you is a Florida thing.

In Minnesota, you will have to exempt the equity, plain and simple.

[momof3b1g]

Ok what was the purpose of have the house homesteaded? Is that just for leins?

[Tbornetun]

Not just for liens, you will also pay lower taxes than if the house were not homesteaded, and I am sure there are various other reasons.