Worried about assets not listed

[panicattack]

I am hoping someone can ease my fears. My stomach has been in knots ever since my husband and I visited our attorney yesterday. We have always paid our bills on time and have always had excellent credit - but with the economy my husbands business (he works for himself) as slowed and we are drowning in debt and finally decided to file Chapter 7. Our attorney should file for us this week. (We are keeping our house and 2 cars).

My worry is when we met with the paralegal/secretary so she could input our information the only assests she asked about were our household assets (furniture, appliances, etc.) and an old truck we own.

My question is how nit picky are the trustees? I am worried about things not listed, such as a 10 year old treadmill and my husbands golf clubs (which aren't worth much at all). Should I quit worrying? The lawyer looked over everything and didn't seem concerned at all. I am just so worried that something will go wrong. I don't know why, because we don't have anything worth anything at all.

This whole bankruptcy thing has made me crazy, I can't sleep, it is all I think about, and I am so worried! I try to tell myself that my lawyer is the expert (he has been doing bankruptcies for 30 years), and I should trust that he knows what he is doing and knows what the trustees look for (he came highly recommended), but I am still worrying myself sick!

I guess I am just looking for someone to tell me it is going to be ok. Besides a co-worker (and my husband obviously) I have kept us filling bankruptcy a secret and I guess it is all building up.

[keepmine]

My question is how nit picky are the trustees? I am worried about things not listed, such as a 10 year old treadmill and my husbands golf clubs (which aren't worth much at all). Should I quit worrying? The lawyer looked over everything and didn't seem concerned at all. I am just so worried that something will go wrong. I don't know why, because we don't have anything worth anything at all.

Not that nit picky! Nobody cares about 10 year old execrise equipment or used golf clubs. Absolutely quit worrying.

[backtoschool]

The trustee does not want your used golf clubs and your old toaster oven. Those items would cost more to sell than they are worth.

Don't worry. If you are filing with a lawyer, the lawyer knows what the trustee is looking for and how the trustee likes to see things listed on the petition.

[jribe]

unless you have something of value that was not listed- don't worry about it.

Where people sometimes get into trouble is when a neighbor, or someone else knows that you have something valuable and tips off the trustee that it was not reported.

There are only a few districts i have seen that actually go through people's homes. I believe one is in FL if i remember correctly?

I am hoping someone can ease my fears. My stomach has been in knots ever since my husband and I visited our attorney yesterday. We have always paid our bills on time and have always had excellent credit - but with the economy my husbands business (he works for himself) as slowed and we are drowning in debt and finally decided to file Chapter 7. Our attorney should file for us this week. (We are keeping our house and 2 cars).

My worry is when we met with the paralegal/secretary so she could input our information the only assests she asked about were our household assets (furniture, appliances, etc.) and an old truck we own.

My question is how nit picky are the trustees? I am worried about things not listed, such as a 10 year old treadmill and my husbands golf clubs (which aren't worth much at all). Should I quit worrying? The lawyer looked over everything and didn't seem concerned at all. I am just so worried that something will go wrong. I don't know why, because we don't have anything worth anything at all.

This whole bankruptcy thing has made me crazy, I can't sleep, it is all I think about, and I am so worried! I try to tell myself that my lawyer is the expert (he has been doing bankruptcies for 30 years), and I should trust that he knows what he is doing and knows what the trustees look for (he came highly recommended), but I am still worrying myself sick!

I guess I am just looking for someone to tell me it is going to be ok. Besides a co-worker (and my husband obviously) I have kept us filling bankruptcy a secret and I guess it is all building up.

[JRScott]

If it is an item worth less than a few hundred dollars the trustee is not going to be interested in it.

[panicattack]

Thank you so much for your replies. I feel much better and am going to try and quit worrying.

[whipster1]

The atty can stick those things under "household items" before filing...takes them about 30 seconds to change it.

[gophermn]

You know - it all depends really. When I filed alone (but married) the trustee wanted to see what income my wife was bringing in - YET - wanted to see what debt she is paying. I said she pays the health club membership, cell phone bills, student loan and even the Sunday paper. Low and behold the trustee wanted a flippin receipt and proof that she pays for the Sunday paper. Thank god I had the receipts. I think all they were doing was looking for any reason to think I was committing fraud. So if you have the paperwork, don;t say crap like your assetts or expenses are this (when they really are not) you should be fine.
Be honest - upfront and have the documentation ready. The process WILL go much smoother.

[dakota112]

I feel the same way about this issue. I am filing next month. When I met with my atty, he said I am thinking way too much about all of this and he basically got upset with me when I said I thought I had to disclose every nut and bolt or pair of scissors or shirt, socks underwear etc. He said I didn't. I thought when you sign the papers, you were required to list absolutely everything but he said no, period.

[JRScott]

I feel the same way about this issue. I am filing next month. When I met with my atty, he said I am thinking way too much about all of this and he basically got upset with me when I said I thought I had to disclose every nut and bolt or pair of scissors or shirt, socks underwear etc. He said I didn't. I thought when you sign the papers, you were required to list absolutely everything but he said no, period.

In the early stages I think we all feel that way, but as your lawyer says no you don't do a verbatim list. You generalize by category and what you think that category is worth. Most people also overvalue their personal property.

[mtbc]

One thing I've wondered is, if you forget something and miss it off, but it still fits into your unused exemptions, then if your case is reopened because of it, I'd figure you can just amend your claimed exemptions to include it and that's that. I don't know if that's so, but it might be reassuring for you if someone can confirm that it is!