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    #1

    advantageous ASSET Protection?

    My 7 case will be an asset case.

    I have a GPS system worth between $6,000-$10,000. In todays market maybe less. In any case it's too much to protect.

    I'm seriously considering removing all my protection for much of my stuff and low-value tools for work and use virtually all my protect from tools and wildcard($2025+$1075=$3100), to protect that portion of the GPS system.

    My thing is that when the trustee takes the GPS system, he'll have to settle up with me for my exemption allowance to the tune of $3100. Money I can make good use with.

    The value of all my other tools is about $800, of which half of that stuff is just stuff that lays around . . . uneeded.

    Does anyone know if this makes sense or is doable?

    BTW, my first appointment with my attorney comes Thursday, but if I know attorneys, they don't usually want to get invoved with convoluted concepts or ideas. They don't like thinking out of the box since it slows the process down.
    Tags: None
    #2
    oops . . .

    forgot to say that the GPS system will be my one and only asset.

    Comment

      #3
      What state are you planning on filing in?
      You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

      Comment

        #4
        sorry . . . Ohio.

        I expect to file in about 2 weeks, then go the 30+ days to the creditor's meeting in December.

        Things begin icing up in late December and hauout costs will probably be greatly increased.

        At that point I'd rather let(force?), the trustee to take the boat since I can actually spend LESS next year and get more boat than this one's worth(?).

        Speaking of worth, regardless of whose issuing valuation lists for boats and cars, right now boats and cars(especially boats) APPEAR TO BE NOT MOVING AT ANY PRICE.

        Comment

          #5
          Originally posted by SURV69 View Post
          sorry . . . Ohio.

          I expect to file in about 2 weeks, then go the 30+ days to the creditor's meeting in December.

          Things begin icing up in late December and hauout costs will probably be greatly increased.

          At that point I'd rather let(force?), the trustee to take the boat since I can actually spend LESS next year and get more boat than this one's worth(?).

          Speaking of worth, regardless of whose issuing valuation lists for boats and cars, right now boats and cars(especially boats) APPEAR TO BE NOT MOVING AT ANY PRICE.
          So is the GPS system the boat? I thought you meant a navigation system, lol.

          I think you should definitely call the trustee's bluff on the boat.
          Last edited by backtoschool; 10-31-2009, 01:58 PM. Reason: fixed errors
          You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

          Comment

            #6
            backtoschool

            Ohio passed new laws and increased the exemptions pretty much across the board.

            $22,200 homestead real estate (or personal property used as a residence)
            $3,225 one vehicle
            $10,775 (no item over $525)household goods including hunting & fishing items
            $1,350 jewelry
            $2,025 tools

            It appears that few web sites indicate these new figures.

            Comment

              #7
              Originally posted by SURV69 View Post
              Ohio passed new laws and increased the exemptions pretty much across the board.

              $22,200 homestead real estate (or personal property used as a residence)
              $3,225 one vehicle
              $10,775 (no item over $525)household goods including hunting & fishing items
              $1,350 jewelry
              $2,025 tools

              It appears that few web sites indicate these new figures.
              Well that is good news because the exemptions that show on most websites are ridiculously low.

              Still, I think you should call the trustee's bluff and exempt your allowable portion of the asset.
              Last edited by backtoschool; 10-31-2009, 01:59 PM.
              You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

              Comment

                #8
                Originally posted by SURV69 View Post
                My 7 case will be an asset case.

                I have a GPS system worth between $6,000-$10,000. In todays market maybe less. In any case it's too much to protect.

                I'm seriously considering removing all my protection for much of my stuff and low-value tools for work and use virtually all my protect from tools and wildcard($2025+$1075=$3100), to protect that portion of the GPS system.

                My thing is that when the trustee takes the GPS system, he'll have to settle up with me for my exemption allowance to the tune of $3100. Money I can make good use with.

                The value of all my other tools is about $800, of which half of that stuff is just stuff that lays around . . . uneeded.

                Does anyone know if this makes sense or is doable?

                BTW, my first appointment with my attorney comes Thursday, but if I know attorneys, they don't usually want to get invoved with convoluted concepts or ideas. They don't like thinking out of the box since it slows the process down.
                Some attorneys appreciate clients who think for themselves.
                Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

                Comment

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