Tickets to a football game & filing time

[mb10240]

I have New Orleans Saints season tickets, jointly titled with my wife. I'll be filing an individual Chapter 7 at the end of the month, and while I'm aware that the tickets are assets that will have to be listed, I do have a question:

I plan on attending a game on October 31st with a friend. It is sort of imperative that I file before the last business day of the month -- this is when our checking account will be "bone dry"; if I wait until November, my wife will have just gotten her pay check, and I will have to wait till the end of November to file.

Obviously, once you file, all of your assets become the property of the estate, so I can't use the tickets after filing. But, the tickets are essentially "perishable," if you don't use them, you lose them and a ticket to a game that has already been played is worthless to the trustee.

Does anybody have any suggestions on how to handle the tickets for the October 31st game? I can't back out on my friend -- he has already incurred substantial costs for travel arrangements and he will likely be paying for some travel costs to get to the stadium.

[newbie2]

I have New Orleans Saints season tickets, jointly titled with my wife. I'll be filing an individual Chapter 7 at the end of the month, and while I'm aware that the tickets are assets that will have to be listed, I do have a question:

I plan on attending a game on October 31st with a friend. It is sort of imperative that I file before the last business day of the month -- this is when our checking account will be "bone dry"; if I wait until November, my wife will have just gotten her pay check, and I will have to wait till the end of November to file.

Obviously, once you file, all of your assets become the property of the estate, so I can't use the tickets after filing. But, the tickets are essentially "perishable," if you don't use them, you lose them and a ticket to a game that has already been played is worthless to the trustee.

Does anybody have any suggestions on how to handle the tickets for the October 31st game? I can't back out on my friend -- he has already incurred substantial costs for travel arrangements and he will likely be paying for some travel costs to get to the stadium.

Figure out what the individual cost of the tickets are, and then exempt that amount. I believe you are over-analyzing this and it won't even be an issue. The trustee can't use them, and he/she surely can't sell tickets that are for games pre-341 meeting.

[mb10240]

Figure out what the individual cost of the tickets are, and then exempt that amount. I believe you are over-analyzing this and it won't even be an issue. The trustee can't use them, and he/she surely can't sell tickets that are for games pre-341 meeting.

I'd exempt them if an exemption was available -- I'm having to use Louisiana exemptions.

You're right about the over-analyzing! hahahaha

[newbie2]

My 2 cents: Go to the game and have a great time :-)

Doubtful that a trustee would want you to pay twice for the tickets!

[rjmwx81]

What's the worst-case scenario if you use the tickets and the trustee objects? Don't you just have to pay back the cash value?

[ccsjoe]

Why would he have to pay back the cash value....if he didn't use them they would become worthless. I also doubt that, unless the future value of the rest of the season tickets is over 500 or so that he would have to try and exempt them.

My friend, go to the game and enjoy.

[rjmwx81]

He shouldn't have to pay cash value, I was just asking if that's the worst that can happen if, for some reason, the trustee tried to raise a stink about it. Just more of a theoretical question I guess.

[tcreegan]

Hi mrbrown,

Saints home game on Halloween? Wouldn't miss it if I were you.....

Hope they tighten up the rush defense....

Tom in Colo

[slam22]

My wife and I have 2 Chargers season tickets. We listed them on our petition and that was after we had paid for the upcoming season (this was in June 2008). We exempted them and the trustee didn't bat an eye. California has a pretty liberal exemption amount so it was pretty easy. Go to the game and have a good time. When you actually file you'll sleep a lot better.

[backtoschool]

The tickets that will expire pre 341 are not a sellable asset. In fact selling the tickets would create a cash asset, so its better to use the tickets.

[iv65536]

I had a Vikings season ticket last year when I filed; my original planned filing date was the day after the game against the Packers. Since I was able to use federal wild-card exemptions to exempt the dickets, no issues.