Can I sell my exempted stuff?

[Amy26]

Inconcievable!

And yea well... I meant that it can be tiresome...yea... like... right... :P

Thank you for the grammar lesson... lol.

And I did mean wary... I just can't spell.

[CH33 Paralegal]

One thing to remember about the trustee is that his job is to liquidate. any Ch7 trustee has the potential to be plugged in like you wouldn't believe.

But the trustee is looking for High dollar output. He's not going to spend hours trying to make a couple hundred. He's looking for that sale that can net like 30K at once...for the time spent, it's a smart allocation of resources. If he can't make much after all the time spent, then all he got for the time was the money and he can't get the time back or reallocate it towards something that gets him more.

You shouldn't picture the trustee though as some other type of non-influential governement employee. He is the furthest thing from some asleep-at-the-wheel form circulator that doesn't know anybody.

[bkmaggster]

You shouldn't picture the trustee though as some other type of non-influential governement employee. He is the furthest thing from some asleep-at-the-wheel form circulator that doesn't know anybody.

I don't. Frankly, I'm intimidated and terrified. Why else would I be begging for someone to say it's ok that I can sell some $20 books to so that I can EAT.

[Amy26]

Thank God for Ramen noodles....

[bkmaggster]

Hey, I'm back with a new and improved edition of the same question!

I spoke with the court clerk today who said that we could file an amendment to our exemptions at any time for free. I have about $5000 in unused wildcard exemption, so if I did sell a bunch of books, could I just add that cash to the exemption?

[music12]

well, instead of adding cash to the exemption, which really wouldn't make sense because you didn't have that cash at the time you filed and you would be amending as of the date you filed, you could give a higher value for your books at the time of filing, then exempt that amount. then you can sell in peace...

[chad9162]

Okay way too much thinking going on here. Whatever property is "exempted" means just that, its exempted. Obviously at the 341 I wouldn't say, "Yeah I sold one of my exempted items for 5 times the amount I listed, yeah for me!" He probably question what else you undervalued. It's what's reasonable? Like you said you have $5000 of unused wildcard exemption. The trustee knows this so even if he found something it would have to be more than $5000.

Changing your paperwork and amending can draw unnecessary attention to you. Personally I'd leave it alone. Sell your exempted property and use the money to "live on." I'm not telling you to be dishonest but its just like you're not telling the trustee how you prepared or planned for BK.

The trustee cares about people who are actually trying to hide high value items not people who made a few extra bucks on there exempted property. My attorney did not seem to care what I did with my property but I'm in CA. We can exempt $20K+ in personal property. But I also think its exempted for a reason.

[music12]

i agree with chad. probably there is no reason really to amend and it just would draw attention. in the remote case the trustee has anything to say about it, you can always remind the trustee about your unused $5000 exemption and ask if they would like you to amend the petition... but it seriously won't happen.