top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

How do Trustees know what assets I have? In Maine.

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    How do Trustees know what assets I have? In Maine.

    I'm considering BK due to my 40k-ish CC debt and I'm curious when you list everything you have of value how the Trustee knows what you already have.
    Does the Trustee go back years throught the CC records to see what you bought?
    I'm bound to forget some things I bought even last year or earlier.
    Do firearms have to be listed?
    Also my state won't even let you keep a TV that's over $200 in value and my vehicle is paid for, but may be over the allowable limit. Can they take the only vehicle I have that's only worth maybe $3500?


    Recommend a good cheap pre bk credit counseling course?

    Thanks.
    Tags: None
    #2
    Go here for an approved list of credit counseling education firms and select your state http://www.justice.gov/ust/eo/bapcpa...c_approved.htm

    As for car value, I think you are allowed to keep a car up to a maximum of $5,000 value. Can anyone confirm this?

    Comment

      #3
      Originally posted by Despotes View Post
      I'm considering BK due to my 40k-ish CC debt and I'm curious when you list everything you have of value how the Trustee knows what you already have.
      Does the Trustee go back years throught the CC records to see what you bought?
      I'm bound to forget some things I bought even last year or earlier.
      Do firearms have to be listed?
      Also my state won't even let you keep a TV that's over $200 in value and my vehicle is paid for, but may be over the allowable limit. Can they take the only vehicle I have that's only worth maybe $3500?


      Recommend a good cheap pre bk credit counseling course?

      Thanks.
      You are under oath when you fill out your bankruptcy petition, , so the trustee will assume you are listing everything you own.

      Firearms are assets that need to be listed.

      You can lump your household goods together as a category and call them "household goods", lump your furniture all together in a category, etc....

      Trustees will often run an asset check based on your name and social security number, etc to see if you own any property, cars, or other large assets that you didn't list.
      You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

      Comment

        #4
        Originally posted by cocojambo View Post
        Go here for an approved list of credit counseling education firms and select your state http://www.justice.gov/ust/eo/bapcpa...c_approved.htm

        As for car value, I think you are allowed to keep a car up to a maximum of $5,000 value. Can anyone confirm this?
        Car exemptions vary by state. You need to check the allowed exemptions for the state you are filing in.
        You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

        Comment

          #5
          Hi Despotes, welcome to the forum.

          You will list your belongings in the schedules, but you don't have to go into great detail. You can say things like: 'assorted pots and pans', 'assorted kitchen utensils-forks, knives, etc.' and give them valuations of similar items that you would see at your neigborhood yard sale. Value your furniture at yard sale, or used furniture prices as well. You don't have antique furniture--you have old, used furniture.

          The trustee is not going to go through all of your CC statements to see what you spent your money on.

          As for your state's exemptions, what state are you in? You may have the option of using the Federal exemptions for your state if they are better than what the state gives. You can't cherry-pick between the two, you have to pick one or the other.

          We took our pre-counseling course with an actual person, and I don't remember the name of the agency she worked for, but it was a good session. We paid $35.00 per person. My 'Hub and I filed jointly. We were trying for a Ch13, and it was this counselor that told us after crunching our numbers, that we were borderline for a Ch7. When I lost my FT job, that definately determined that we had to go Ch7.

          Good luck to you!
          "To go bravely forward is to invite a miracle."

          "Worry is the darkroom where negatives are formed."

          Comment

            #6
            Originally posted by cocojambo View Post
            Go here for an approved list of credit counseling education firms and select your state http://www.justice.gov/ust/eo/bapcpa...c_approved.htm

            As for car value, I think you are allowed to keep a car up to a maximum of $5,000 value. Can anyone confirm this?

            Yes, the State of Maine allows you to exempt 5k in equity for a vehicle.

            Comment

              #7
              Tax returns are a gold mine of information and a drive by of the property can be interesting too.
              All information contained in this post is for informational and amusement purposes only.
              Bankruptcy is a process, not an event.......

              Comment

              Previous template Next

              bottom Ad Widget

              Collapse
              Working...
              X