trustee taking stuff

[reallybroke]

Hi..New to this forum..so hope this question has not been posted a thousand times. My husband and I are awaiting our 341 meeting in May. We live in Texas and have a home with $40,000 equity. all of our other stuff is old and has no liens. We live rural and have an old boat, old truck, old tractor,etc. We listed all of these..they are not valued at much. Our boat is valued at $2000.
We were asked by our attorney if we were prepared to lose it as it would be considered an asset. So my question..in regards to stuff the trustee might want to sell..does he come get it if he wants it?? or do we have to drive it 3 hours and turn it over? These are the things that go through my mind! I have heard others say.. you can buy it back? it's not that big of a deal, just curious. We really don't have the money to buy anything back at this moment..wondering how that works.. Anybody with experience?

[AngelinaCatHub]

Hi..New to this forum..so hope this question has not been posted a thousand times. My husband and I are awaiting our 341 meeting in May. We live in Texas and have a home with $40,000 equity. all of our other stuff is old and has no liens. We live rural and have an old boat, old truck, old tractor,etc. We listed all of these..they are not valued at much. Our boat is valued at $2000.
We were asked by our attorney if we were prepared to lose it as it would be considered an asset. So my question..in regards to stuff the trustee might want to sell..does he come get it if he wants it?? or do we have to drive it 3 hours and turn it over? These are the things that go through my mind! I have heard others say.. you can buy it back? it's not that big of a deal, just curious. We really don't have the money to buy anything back at this moment..wondering how that works.. Anybody with experience?

[fltoo]

If the trustee wants your stuff, he needs to come and get it.

Check on the value of your boat. Look online or in the paper for someone selling one comparable to yours IN YOUR AREA and then deduct money from the value for the condition of the boat. Does it have rust, need paint job, etc.? It might not be worth 2000.

Sounds like you have nothing of value that the trustee would be interested in, so don't sweat it. Trustees are looking for assets that they can easily take and sell.

Use garage sale prices for all your "stuff". A 700. sofa might be sold for 40. at a garage sale.

[limage]

So, lets say you have a 5k exemption and you have a household belongings worth 2k and a boat worth 4k, can you decide what items the trustee can have that are worth 1k? Can you give them the things you want the least or do they cherry pick?

[TEW]

Farming and ranching vehicles and implements enjoy a bankruptcy exemption.
Tools of the trade are exempt under Texas bankruptcy law. Tools of the trade are defined as anything you must use to conduct your profession. For example, if you're a carpenter and owned an expensive set of power drills, that may classify under this exemption.
A motor vehicle with 2, 3 or 4 wheels is exempt under Texas bankruptcy law. This statute will allow one motor vehicle exemption per family member. Note that even if a family member does not have a driver's license you may be able to get a vehicle to qualify under this exemption if the family member depends on someone else (a licensed driver) to transport them in that vehicle.

Sections of Texas Bankruptcy Code
Property 41.001, 42.001, 42.002

Under the Texas bankruptcy law, a debtor filing for Chapter 7 or Chapter 13 bankruptcy enjoys several generous personal property exemptions.

A single adult (not part of a family) is allowed to up to $30,000 in personal property exemptions.

A family is entitled to a maximum of $60,000 in personal property exemptions.

Those exemptions include personal property such as:
Hope this helps