Asset- exemption question?

[gogetter76]

Hello fine people....

There sure is a wealth of information here. Thank you all!

Ok, for asset exemption property.......my attorney told me to figure it as i would sell it at a garage sale. TRUE?

When listing items, do you actually list every CD, book or movie? Or do you just say, hey i have 50 CD's?

As an example also, what about Jewlery, do you say in general i have X number of rings or chains or earrings?

Thanks again..........

[gogetter76]

Sorry,

No takers?

Are there any references to look for ?

Thanks again

[keepmine]

Your lawyer is correct. Nobody wants used consumer products.
Just list broad caterories. No need to list every individual title.

[StartingOver08]

True, value everything as garage sale value

List your CD's in bulk (same thing with movies and books)- not by title and value the bulk as a garage sale item.

Jewlery is different. If it is 'good' jewlery you will have it individually valued - I would go to a pawn shop and use that value UNLESS it is a very expensive piece - then get an appraisal. If you have insurance policy riders for your jewerly - then be careful - some Trustee's cross check the riders with the values you put on the petition.

If it is everyday inexpensive jewlery, just use bulk garage sale values. I am assuming you want to keep as much as possible in your exemptions.

[gogetter76]

Thank you.....

Just trying to get a feel for what will be happening down the road.

Thank you all and have a great day....

[StillSwingn]

Our attorney provided us with a packet they had created to make this process easier. It explained how to list your items and included categories with explanations to make it self explanatory. We just picked this up yesterday....I assume they will transfer the info to the proper forms for filing.
Some things like "dining room table/chairs" are broken out and other things like media are bulked together.
You should be able to call your attorney's office and get some assistance by phone. I'm sure they get hammered with the same questions all day and the receptionist can probably give you guidance. (meaning free info)....

[deadbroke99]

Our attorney provided us with a packet they had created to make this process easier. It explained how to list your items and included categories with explanations to make it self explanatory. We just picked this up yesterday....I assume they will transfer the info to the proper forms for filing.
Some things like "dining room table/chairs" are broken out and other things like media are bulked together.
You should be able to call your attorney's office and get some assistance by phone. I'm sure they get hammered with the same questions all day and the receptionist can probably give you guidance. (meaning free info)....

Can you scan and post this form