personal property of small children

[tanyusik]

Need advice. Should I include the value of bed, desk, toys, books and clothes of my 6 year old daughter into the description and value of my personal property in the bankruptcy estate.
It kind of doesn't belong to me.
Do I list all the children items on BK schedule?

[Flamingo]

Yes it does belong to you as the child is a minor to be technical but usually in BK, a child's items (toys, clothing, etc.) are not listed in your BK. Check with your attorney. We did not have to include our daughter's personal items who was a teenager at the time.

[AngelinaCatHub]

Flamingo is correct, but let's say you borrowed the crib/bed and all that stuff as children grow so fast. You have to list that you are storing other peoples stuff and what it is, but don't have to give a value as it does not belong to you. 'Hub

[tanyusik]

Logically, the best thing would be to list all my daughter's items under the list that I store for others. Because technically it is hers. Let's say if couple of years from now she decides to live with her father, not me. She is going to take all her stuff with her.

[AngelinaCatHub]

Logically, the best thing would be to list all my daughter's items under the list that I store for others. Because technically it is hers. Let's say if couple of years from now she decides to live with her father, not me. She is going to take all her stuff with her.

Well, not quite so. Your child is a minor and owns nothing. She is in your care at this time. This is a legal not emotional thing. Until the age of emancipation, which is usually 18, was 21, and could be as low as 15 with a Court order, your child does not hold property. Even if you open a school fund for her, that is like a Trust and she can only use it for school, but you actually own and are responsible for all that your children own and do. You will be better off not to attempt anything that trivial as the Court has a short temper in the attempt to cook the books. 'Hub

[AngelinaCatHub]

Perhaps devalue that stuff at flea market rates and used clothes rates. Did your ex-husband purchase any of it? After all, he is half responsible for the upkeep of his child. This is why a lawyer is so important. 'Hub

[tanyusik]

Ex-husband purchased most of it. But I don't want to go that route and argue with trustee. If I legally own the belongings of minor child, then I'll just list them all. The total value will be nor more than $400-500, so it's not worth any potential problems if I don't list it.
Thanks for your advice.

[arkienurse]

Ex-husband purchased most of it. But I don't want to go that route and argue with trustee. If I legally own the belongings of minor child, then I'll just list them all. The total value will be nor more than $400-500, so it's not worth any potential problems if I don't list it.
Thanks for your advice.

Be sure and list what it is worth today, not what was actually paid for it. You know, what you could get for it if you sold it at a garage sale. But your lawyer should help with this.