Any help..please

[struggling09]

In speaking with my attorney she said she is going to fight for us to be in a Chapter 7. We live in Delaware. Under the law, we can exempt $50,000 of real property. We have a rental property equity of $25,000, our tax refund is $8000. Bringing us to 33,000. We do not have any equity in our primary residence. We are financing both of our vehicles that are worth less than what we owe. We don't have anything in savings and are literally living paycheck to paycheck.

Will we be able to keep our home and cars since we are current and can continue to pay them?

Does anyone know what else they will be looking for as far as assets?

Will they send someone to our home to appraise our furniture, clothes, etc.?.

Any advice is very much appreciated!!!!

[StartingOver08]

Assets = equity in any real property, equity in vehicles, value of all personal property (furniture, clothing, jewlery, electronics etc), cash, IRA's, 401-K's etc.

Having said that, you value your 'stuff' at garage sale prices. It sounds like you have a very generous exemption allowance in Delaware for Real Property (the real estate). You do want to be aware if there are limitations to the exemptions based on the type of exemption (for example here is Fl you can only have max $1000 'equity' in a vehicle).

Look to this link to see if there are similar type of limitations to your exemptions in Delaware:

http://www.legalconsumer.com/bankruptcy/bankruptcy-law.php?ZIP=19805&ST=DE&CBSA=37980&FEDCT=DE&CITY=Wilmington&METRO=Philadelphia-Camden-Wilmington%2C+PA-NJ-DE-MD

[AngelinaCat]

As far as sending anyone to your home to look at your stuff, that scenario is very unlikely, though it does happen once in a very long while.

You price your stuff at very low garage sale prices. In fact it will help you to just go to a few yard sales in your neighborhood to see what similar items to yours are priced at. Same for the used furniture, appliance, and especially the junk stores.

Also the thrifts. Thrift stores are usually manned by volunteers trying to help some cause--Humane Society, Battered Women Shelters, etc. They get mountains of stuff that the public donates in order to help the cause and clean out their OWN junk. So prices at these places are usually extremely low.

Then after having said that, have a look through this thread regarding a similar question. You will get some pointers and a laugh or two. A laugh a day is important to you now as you go through this:

http://www.bkforum.com/showthread.php?t=24342

Good luck!