How does it work buying non-exempt item

[questionsGA]

TO BK2009:

Yes, you have a good point. Even though we paid more because it was a fair price for that particular mower, that doesn't mean it wouldn't be worth much less if we turned around and tried to sell it at a yard sale.

We will find that out very soon when we attempt to sell our Honda self-propelled mower we replaced with the rider mower. We will take a large loss on that, I'm sure. We might as well sell it since we don't need it and we would rather include the rider one in our allowed exemption amounts.

Thanks for your post. I think I'm getting the idea of pricing the miscellaneous stuff now.

[LuciluS]

Thank you for your post. It certainly does say Federal at that link you provided. However, I found several other sites that specifically say Georgia uses their own exemptions ... not Federal. Here is a quote from an Atlanta attorney (I didn't link to him since that isn't permissable.):

Exemption law is Georgia law not federal law.
First of all, you might be interested to know that the law controlling
exactly what property you can exempt from bankruptcy is Georgia state
law, rather than federal law. Even though your bankruptcy case will be
filed in federal court, the Bankruptcy Code permits Georgia and the other
states to set their own rules for exempt property.

Thanks for your help.

That's why I put the sentence in there for you to click on to show what Federal Supplemental Exemptions Georgia allows. The GA Bankruptcy codes do NOT allow you to choose Federal Exemptions vs. GA Exemptions. GA Code only allows the addition of of the Federal Supplemental Exemption.

Go back and re-read my 1st post in this thread and then read this:

http://www.bcsalliance.com/y_bankruptcy2.html

The following states DO NOT ALLOW you to use the federal bankruptcy exemptions: Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming. If you do not use the federal exemptions (either by choice or requirement), you are also allowed to use the federal non-bankruptcy exemptions.

There are many other sites by googling GA Bankruptcy Laws or Codes. Let me clarify this for you. Georgia Bankruptcy Laws Do NOT allow you the option of using the whole Federal Bankruptcy Laws instead of Georgia Laws. Georgia allows you to use the Federal Supplemental Laws (which was in my first post to you on this thread) along with Georgia Bankruptcy Laws.

[questionsGA]

Using yard sales as a price guide

BK2009:

That is good advice. Even though we paid a lot more for the Rider Mower, it would most likely sell more much, much less if we had to sell it today as you described. That's helpful advice for all our miscellaneous non-exempt stuff.

Thanks.


(I think this is a repeated message ... sorry - my browser gliched out, so I thought it didn't post.)

[questionsGA]

Federal Exempt & GA Exempt

LuciluS:

Sorry if I misread your post. I will re-study again. Thank you.

[mmenz22779]

I would be careful about selling assets before you file. It will raise flags to the trustee that you are trying to hide something and they may well look deeper into your paperwork.

If you can exempt the property then hold off on selling it until after discharge.

You dont want to raise any flags with the trustee

Yes in theory you can sell your 3500 car and exept the cash, but this makes no sense as you will still use your 3500 wildcard to exempt the car or cash. Doing this is going to make the trustee wonder what else you had of (or have) of value that you are hiding. Then they may request a home audit (highly unlikely but possible)

Anyway If it were me, avoid any flags at all costs. JMHO

Good luck.