Filing BK 7 and exemption questions.

[oolong]

The 2nd question is this

[OhioFiler]

The jewelry is an asset and must be listed. The CD is only your husband's if I read correctly so it may not be a problem.

If the jewlery is valuable and you have no real attachment to it other than guilt, you should sell it and use the proceeds for living expenses. It really shouldn't matter what your parents think. You're adults now and make your own decisions. To risk hiding assets from the trustee just to keep your parents from knowing you filed BK is a dangerous game. I'm sure your attorney was disappointed you mentioned hiding assets to him.

If the CD is in your name you have an asset there. The courts don't care if the asset is "actually his parents". It's yours in the eyes of the court.

[oolong]

Thank you for the advice.

The jewelry has no real sentimental value to us and we have no guilt over them either as we didn’t not purchase them.

If this sound silly or fraudulent in nature, please understand that this is only a question, not declaring that I’m going to do it.

What if we give back those items to the original givers, so we no longer possess them? As I mentioned above, there are no record of us purchasing them, possessing them or them being given to us. We don’t even have insurance for those items (it was recommended but we couldn’t even afford a Health Insurance).

We weren’t trying to hide those items from the attorney. That’s why we mentioned them to him, and then he promptly lectured us almost yelling. Then we tried to ask the above question of giving them back to the givers, he cut us telling and lectured again “then you are hiding/relocating assets and how I do know you are not hiding more??”

[dingdong]

You don't want to transfer assets right before you file BK.

What if the attorney you met with is a Trustee in your district and you choose another attorney and guess what, who is sitting in front of you at the 341?


Not that that is likely, but you are declaring under penalty of perjury that what you declare on your petition is true.

In the BK world, honesty is the best policy, otherwise it will come back to bite you in the keester.

Declare the assets on your schedules and try and exempt them if you can.

Don't try to hide anything and risk getting dismissed.

If they are assets in both your names, wouldn't the value be split if only one of you is filing? Not sure , but worth looking into.

[OhioFiler]

What if we give back those items to the original givers, so we no longer possess them?

No sentiment, no guilt? Sell them on eBay or craigslist. Get something for them.

[oolong]

I wish I would just get rid of them!

BK is going to be bad enough when we finally tell our parents, but if they (both our parents) find out that those items were sold or taken, it poses a huge possibility of everlasting family feud, finger pointing and distrust between two families.

Meanwhile, I plan to take those items to several pawn shops to see the quick sale values for those items. It seems like they may be a lot less valuable than what I think.

[OhioFiler]

I wish I would just get rid of them!

BK is going to be bad enough when we finally tell our parents, but if they (both our parents) find out that those items were sold or taken, it poses a huge possibility of everlasting family feud, finger pointing and distrust between two families.

Meanwhile, I plan to take those items to several pawn shops to see the quick sale values for those items. It seems like they may be a lot less valuable than what I think.

You can just get rid of them. They were given as gifts not loaned to you were they? Maybe your parents will buy them from you at quick sale value.

[SuzieBK]

Unless these are diamond-encrusted antique watches, I'll bet the quick sale value is less than you think. And I think that lawyer was being a jerk. Just because you own something nice doesn't mean that you're trying to cheat the system.