Personal Possessions

[toxicdebt]

Has anyone lost personal possessions during a Chapter 7? By personal possessions, I mean from their home. For example: television, computer, furniture, laptop, mp3 player, clothing, etc.

[TEW]

The things you listed don't hold value. I haven't read any posts about anyone losing things like that.
When you do your inventory you use yard sale pricing so what would you sell your USED mp3 player for?

[willbfree]

Technically on the day you file there isn't supposed to be any cash in the safe. I am swearing under oath that the $300 is the most we have in our possession on the day we file for bk.

BTW I spent two days going thru CL, Eb*y, and Am*zon getting copies of product listings. It was a real eye opener on how much depreciation occurs on possessions. It doesn't take much to get a new first generation IPOD today. Or how cheap years old electronic components sell for today. Our state gives $8K in household exemptions and it will be easy to keep what we have at garage sale prices. I have printouts to hand the trustee from CL or other sites to back up my prices. For my location the trustees do a walk through of your home and I haven't found anyone else on this forum where trustees do a walk though. This is the area of the bk process that worries me most.

[AngelinaCatHub]

The Trustee has a right to walk through or inventory you stuff. That being said, it is almost never done. If you had any value, you wouldn’t be in bk. I was over means by $5400 in possession due to some old shotguns passed down in the family and a second car. The trustee allowed my to purchase my stuff back at $450 for 12 months. I was pleased to do it. At least it did not throw me into 13. Be up front with your trustee or his representatives and you are likely not going to be bothered. They have many pots on the stove, you are only one of them. The Trustees get tough if you are caught in a lie or perform fraud to hide assets. Then you can get a 2004 hearing from the Trustees Attorney. I had one for an insider payment to my god-daughter. I admitted it in ignorance and the Trustee also allowed me to pay it back $5000 in six months. I did that and am discharged. Waiting on close as the assets collected must be disbursed first. ‘Hub

[NoMoreRed]

The trustee does not want your possessions....they want the cash to pay the creditors. With that said they will typically give you the opportunity to purchase them by paying the amount they are valued. This way you keep your possessions and the trustee gets the cash they're looking for.

[willbfree]

You are correct hub. I had a jewelry rider on my homeowner's policy and it certainly clued in our bk attorney that something of value would be found. That also would clue in any trustee to look for jewelry. So I took all my jewelry down to a local jeweler and sold it for scrap value. Came back home almost $2K richer. It was better to liquidate it myself and spend the money than hand the jewelry over to the trustee. If you have a jewelry rider on your insurance policy you can bet that the trustee is going to be looking/asking about jewelry. That fact explained why we were required to submit a copy of all of our insurance policies with the bk paperwork.