We are filing chapter 7. I have two questions about personal property.
We have a fairly nice bedroom set, queen size bed with under drawers and mattress only and a large dresser. It was charged on one of the cards we will be discharging. First of all I don't know how to value it. We bought it, maybe, 4-5 years ago. I don't know if I have the original receipt to even know how much we purchased it for. I don't think it is available anymore so I couldn't check the store where we bought it from. It's in pretty good condition.
I'm in Missouri. Our overall personal property exemption is $3000 according to my research. Plus a $600 miscellaneous exemption. My main concern is, I'm pretty sure we spent about that much on this set although I don't know for sure. I don't think I could get that much for it in our area if I listed it on something like Craigslist. I would say I would be lucky to sell it for $1000-$1500. The attorney told us initially that the credit card company would probably not repossess the furniture. However, with this set alone we could use up our exemption or at least half of it.
Secondly... computer equipment
We have three computers. My husband has one, I have a laptop and our boys have one. None of them are major high end but do have some good power to them. They are all custom built by my husband not bought retail. I just had to replace my laptop recently and used a portion of our tax return, I spent $670ish. (Actually my sister paid for it to use her Walmart employee discount, then we stopped at the bank on the way back and I paid her back.) I didn't start completing our paperwork for the bankruptcy until this week so I didn't know about the exemption total or I would have just done without.
The main concern I have is with my husband's computer. He has several hard drives and other accessories. I can't even tell you what he has. Anyway, he does computer forensic exams for his employer (he is a deputy sheriff in training to do computer forensics but they don't have department owned equipment for him to use). In addition he does work for local attorneys on a contract basis (divorces and such). He is occassionally court appointed to do a forensic exam which is either gratis, paid for through an attorney, or on department time. He also does web site design for numerous organizations including the Sheriff's Department which he does mainly at home, all at no charge. Can this be considered a tool of his trade since his department is not providing the equipment, we are, or would this be personal property? He is not assigned as a detective to do computer forensic work (he is a bailiff) but the department is paying for his training and travel time. All the judges and the lead detective recognize that he is very much trained to do computer forensic exams. They have always had him do the work at home. The only other "tool of his trade" is his duty weapon which is, I think, worth about $400. Our state exemption is $3000.
We don't have any other property that would cause problems.
We have a fairly nice bedroom set, queen size bed with under drawers and mattress only and a large dresser. It was charged on one of the cards we will be discharging. First of all I don't know how to value it. We bought it, maybe, 4-5 years ago. I don't know if I have the original receipt to even know how much we purchased it for. I don't think it is available anymore so I couldn't check the store where we bought it from. It's in pretty good condition.
I'm in Missouri. Our overall personal property exemption is $3000 according to my research. Plus a $600 miscellaneous exemption. My main concern is, I'm pretty sure we spent about that much on this set although I don't know for sure. I don't think I could get that much for it in our area if I listed it on something like Craigslist. I would say I would be lucky to sell it for $1000-$1500. The attorney told us initially that the credit card company would probably not repossess the furniture. However, with this set alone we could use up our exemption or at least half of it.
Secondly... computer equipment
We have three computers. My husband has one, I have a laptop and our boys have one. None of them are major high end but do have some good power to them. They are all custom built by my husband not bought retail. I just had to replace my laptop recently and used a portion of our tax return, I spent $670ish. (Actually my sister paid for it to use her Walmart employee discount, then we stopped at the bank on the way back and I paid her back.) I didn't start completing our paperwork for the bankruptcy until this week so I didn't know about the exemption total or I would have just done without.
The main concern I have is with my husband's computer. He has several hard drives and other accessories. I can't even tell you what he has. Anyway, he does computer forensic exams for his employer (he is a deputy sheriff in training to do computer forensics but they don't have department owned equipment for him to use). In addition he does work for local attorneys on a contract basis (divorces and such). He is occassionally court appointed to do a forensic exam which is either gratis, paid for through an attorney, or on department time. He also does web site design for numerous organizations including the Sheriff's Department which he does mainly at home, all at no charge. Can this be considered a tool of his trade since his department is not providing the equipment, we are, or would this be personal property? He is not assigned as a detective to do computer forensic work (he is a bailiff) but the department is paying for his training and travel time. All the judges and the lead detective recognize that he is very much trained to do computer forensic exams. They have always had him do the work at home. The only other "tool of his trade" is his duty weapon which is, I think, worth about $400. Our state exemption is $3000.
We don't have any other property that would cause problems.
Now known as- Free Willy
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