Questions about Assets taken for Chpt 7

[inpain66]

I am getting closer to filing and wondering about trustees coming to take my stuff. I am unmarried but live in my boyfriend's house.

I work ft and have a side ebay/art business that I am filing taxes on for pt self employment.

My wages from job are 34k in 2008. Self employment gross sales 2,500 but the loss ends up being -5,000 on my taxes from it. I am under the median in my state.

If the trustees want to take my stuff will they try to take myBF stuff?
How can I prove what is mine and what is his?
I own a small amount of the furniture in the house and most of the big stuff is his. Most of the art and niknaks in the house are mine. Will they take it?

Will they take my clothing?

I have a lot of silver jewelry and costume jewelry. Will they take it?

How can I possibly list everything I own? I have too much. do I list every niknak and piece of art and jewelry even if not worth much?

What are the chances I would be no asset?

the desk computer is my bf's and we use it for surfing. I use my laptop for my self employment..does that make a difference?

[philslyn]

Schedule B - Personal Property
( always use thrifty , bargain, yard sale prices or cheapest value of it
Examples are:
1)Cash on hand- Money left after Bills paid off
2)Checking/Savings Account- If you have any Banks, lets say Bank of America Checking account
60.00 put whatever left in the account,
3) if you have any security deposit
4) Household Goods - How much you can sell your furniture, computer, audio equipment into a yard sale Just put household items as a description when filing the schedules and the amount ofcourse
5) Do you have any books, antiques, stamps collection, coins collection or any collection that are worth money? if yes then declare it
6) Wearing Apparel - How much you think you can sell your clothes and shoes include the spouse and anyone living in the same place (remember Cheapest Value)
Coz the cheapest it is the big change u can keep em'
7) Furs and Jewelry - Do you have Jewelries? or furry expensive clothes like coated leather. if yes then put it always the cheapest value
8) Guns - Do you have any guns? or picture of something or somebody that is worth money
9) Life Insurance
10) Annuities - Lump Sum
11) Education Plan
12) Pension or Retirement
13) If you have a stocks
14) Interest Partnership or Joint Ventures
15) Government Bonds if you have one
16) Accounts Receivables - If you have one
17)Alimony - Money you get from divorce
the rest of the following are the things that goes to schedule B
Copy rights , boat , motor, office equipment, machinery, airplane, inventory music stuff that are worth money, computers, mobile home is not a real property so it should be put in here however if you live in a mobile home then you put that on A also coz you live there. the address and the value of it Again on Sched A.
more on schedule B are your pets if its an expensive pet or animal,crops farm supplies or chemical feed thats all in my mind.

[optimistic1]

Honestly, the trustee isnt going to do an inspection on your house and look at everything you own.

Each state has a list of $ amounts to personal exemptions. You need to look these up at your states local bankruptcy website.

If its your boyfriends stuff, then only if you have been together so long that you are practically common law married under certain state laws would they even count his property, and it would need to be in a community property state anyway.

If your laptop is used for business or self-employment purposes, it most likely is exempt under the tools of the trade exemption.

When you value your possessions, use a value that you would put on them if you had a garage sale, and you needed to sell them that day.

Dont worry, it doesnt sound like you have lots of valuables just sitting around, we are talking assets, like a jacuzzi, like a boat, like 4 cars that are all paid in full, like fur coats, like expensive jewelery worth thousands of dollars, like gold coins.

Your typical household items, including a computer, would most likely be covered under you local exemptions, meaning, the trustee cant take them.

And in the event that you have any items not covered under the exemptions, you still get to keep them anyway, you just will have to pay the Trustee what their market value is to pay any creditors.

Silver jewelery and costume jewelery is most likely not worth that much when you take into account if you sold at a garage sale, and had to sell it that day. You can basically include this into your personal property exemptions, although, sometimes they are quite vague on what is exempt and what is not.

When you list the property, I dont think you can be held in contempt, if you just simply "forgot" to list stuff. Now if you "forgot" to list a second house that you own, now we are talking something different.

[knguye11]

What to do guns when file BK?

So they count guns as assets, does that mean they make you sell all your guns? Or do I get to keep one or two? How do they determine this?

K-11

[pcn]

So they count guns as assets, does that mean they make you sell all your guns? Or do I get to keep one or two? How do they determine this?

K-11

How would they know what guns you have?

[knguye11]

They don't. But don't you have to list of what you own as your assets? That is the thing. How do they see of these type of items?

K-11

[OhioFiler]

They don't. But don't you have to list of what you own as your assets? That is the thing. How do they see of these type of items?

K-11

You're supposed to be truthful. If you get caught hiding assets you'll wish you hadn't.

[pcn]

Im sure someone will read into this more than is really there, but I will say it anyway.
Things you may have purchased without a cc, or in the distant past, etc, are not on some "joe smith's personal possessions list" on a government computer somewhere. See how many people will say that they had a home inspection after filing. That's not to say you should lie. Something like a vehicle that is regestered and accessible I'm sure would get caught. But the diamond anniversary ring you bought your wife isnt something anyone but you and she know about.

[OhioFiler]

Im sure someone will read into this more than is really there, but I will say it anyway.
Things you may have purchased without a cc, or in the distant past, etc, are not on some "joe smith's personal possessions list" on a government computer somewhere. See how many people will say that they had a home inspection after filing. That's not to say you should lie. Something like a vehicle that is regestered and accessible I'm sure would get caught. But the diamond anniversary ring you bought your wife isnt something anyone but you and she know about.

Guns are registered aren't they? I don't own any but I thought you had to register them with the government when you buy them.

[lolasaurus]

Guns are registered aren't they? I don't own any but I thought you had to register them with the government when you buy them.

Depends on your state.

You do have to fill out the NICS background check when you buy it, at least in Washington (I think that's a federal rule), so there IS record of it being purchased. However that doesn't mean you still own it, as a private party sale without documentation in Washington is perfectly legal and normal.

I, too, am wondering about this; I have a couple of guns that are among my few possessions that I actually would be bothered to give up and would try to exempt, but as I see it's listed on the personal property schedule as a separate line item, I wonder if that's going to be a problem.

[jktrading]

They don't. But don't you have to list of what you own as your assets? That is the thing. How do they see of these type of items?

K-11

My attorney listed something like "household goods" in one description with the total amount. My thinking is that if it is not higher than what is normal, then the trustee won't give it a second thought. From my understanding, most people have 3 to 5K in "household goods." I had the higher amount.

[jktrading]

Depends on your state.

You do have to fill out the NICS background check when you buy it, at least in Washington (I think that's a federal rule), so there IS record of it being purchased. However that doesn't mean you still own it, as a private party sale without documentation in Washington is perfectly legal and normal.

I, too, am wondering about this; I have a couple of guns that are among my few possessions that I actually would be bothered to give up and would try to exempt, but as I see it's listed on the personal property schedule as a separate line item, I wonder if that's going to be a problem.

I wouldn't add it in, and list it with other household items without giving much detail. If questioned specifically, you must disclose, otherwise you're just doing the best you can with your paperwork.

[lolasaurus]

On a purely amusing note, my wife and I were doing the means test, and when we came to the "amount necessary for the protection of your family against violence" expense, I was like "sweet, they allow me to expense my gun hobby!"

[pcn]

"Sure I bought some guns in the past, but I've sold them all long ago at local gun shows to other enthusiasts. I didnt keep any records because there is no legal requirement to do so".

[lolasaurus]

"Sure I bought some guns in the past, but I've sold them all long ago at local gun shows to other enthusiasts. I didnt keep any records because there is no legal requirement to do so".

I certainly won't lie for obvious reasons but if I can avoid drawing attention to or losing my evil black scary gun, especially since they are in such demand right now, that would be ideal.