getting ready to file, question about assests

[ursula]

I am brand new to this forum, but I am already spending so much of my free time on here. My new addiction! I am trying to soak up all the information that I can, and it has been EXTREMELY helpful reading all these posts!!!
My first question (which I am sure to have many) that I have that I really haven't found on here anywhere is this. My husband is self employed and has "tools of the trade". We should be fine with exemptions from the wild card allowance (I hope) with the value if he had to fire sell it all. But my question is when during the chapter 7 process will the trustee come in to evaluate it all and will they also come into the home to access our personal assets? Our attorney never asked us about the value of our personal assets, only business related. The only real value we have is a payed for vehicle, a few computers, tv's and the kid's gaming systems.
Also last month we had a judgement placed on us from another business that we recently dissolved. We plan on including this in our chapter 7 (of course) but in the meantime before we file in the next 2 weeks can that judgement be inforced and can they come after my vehicle or my husbands tools? We are very concerned about his, and our lawyer doesn't seem to have an answer for us.
All your help and replies are sincerely appreciated!
Thanks in advance

[southernbelle]

The trustee doesn't come to your house to inspect your personal assets. It almost never happens. Now if fraud is suspected, they might feel the need to send someone out, but it almost never happens. When you fill out the schedules with your atty, you will have to list personal items you own but nothing too specific. My atty told me to group like items and value them accordingly. You will not be required to list each item you own, but list things like furniture, clothing, artwork, electronics, etc. Make sure to list garage sale prices for the values of those items because depreciation will make them worth less than you think. If your atty never asked the value of those assets, I would make a list and do it anyway, just in case. The Trustee could ask for it at the 341 meeting.

Since I filed BK after I closed my business, I had business assets. Most of the equipment I bought used and most of it was worth nothing, but I kept it in storage just to make sure the Trustee didn't assume I was trying to hide anything. I also took pictures of everything to make sure I had a record of what the items were and their condition. I made a spreadsheet and listed the equipment, date I purchased it, whether it was new or used, and the current value. This along with the pictures was a tremendous help because the Trustee sent a local furniture dealer to my storage to value the equipment and found it wasn't worth liquidating. I was able to use Craigslist later to sell the stuff myself for little or nothing to get rid of it.

I'm not 100% sure but I believe the BK should stop any activity regarding the judgement. If you plan to file soon, you should be okay. You should have enough time to file before any enforcement actions. I'm sure someone else will chime in on that one.

Good luck. PM me if you want specifics on how I handled my business equipment.

[justbroke]

My first question (which I am sure to have many) that I have that I really haven't found on here anywhere is this. My husband is self employed and has "tools of the trade". We should be fine with exemptions from the wild card allowance (I hope) with the value if he had to fire sell it all. But my question is when during the chapter 7 process will the trustee come in to evaluate it all and will they also come into the home to access our personal assets? Our attorney never asked us about the value of our personal assets, only business related. The only real value we have is a payed for vehicle, a few computers, tv's and the kid's gaming systems.

An audit usually doesn't occur. If you are randomly selected, then they will have someone come to look at your property (an appraiser). Generally this happens in one (1) in two-hundred fifty (250) petitions as required by law.

Also last month we had a judgement placed on us from another business that we recently dissolved. We plan on including this in our chapter 7 (of course) but in the meantime before we file in the next 2 weeks can that judgement be inforced and can they come after my vehicle or my husbands tools? We are very concerned about his, and our lawyer doesn't seem to have an answer for us.

They can lien your husband's vehicles. They can try to garnish deposit (DDA) accounts. They will need a separate garnishment order after getting the judgment.

[mintz]

would you take a 50% depreciation value on your electronics? Just curious. Most of ours is less than two years old