Selling small items...bad idea?

[jlynn275]

Don't let it get to you...seriously. It states right in my retainer agreement that there is STILL a lot of case law to be settled with the new bk laws. So, really the judges, trustees, and lawyers don't understand it all either, lol. I went to three different attorneys and got three different answers. I'll let you know who was right as soon as our case is discharged.

We are hiring the 3rd to consult with. The first guy was so busy I could never reach him again after we had a 2 hour consult (same with a coworker). The second talked to me like she was reading a script and the 3rd was the winner. But they ALL had completely different answers to almost every single question.

[jlynn275]

Sorry for being such a dodo, I'm still unclear about certain things and trying to learn as I go I appreciate all the feedback!

When you say "surrender" do you mean if we say we intend to NOT keep our house or does surrender just mean not to reaffirm? We are going to "intend" to keep and pay if we can, but more than likely we will let the foreclosure process begin.

so we can say "take the TV or the couch or the hutch...." if one of those items values too high and get ourselves under the allowance? The only non-living things I care about are my wedding rings. And of course photos.

[tobee43]

Don't let it get to you...seriously. It states right in my retainer agreement that there is STILL a lot of case law to be settled with the new bk laws. So, really the judges, trustees, and lawyers don't understand it all either, lol. I went to three different attorneys and got three different answers. I'll let you know who was right as soon as our case is discharged.

we went to six...and you are so right sg....more than NOT the atty's didn't even have a clue because frankly, no one has seen the likes of what's going on.

[SunshineGal]

ummmmmmmmmmmmmmmmm
I promised myself I would take everything as it comes and not stress. As long as I have my family nothing else matters, buuuut I get stressed when I don't understand something.

Don't let it get to you...seriously. It states right in my retainer agreement that there is STILL a lot of case law to be settled with the new bk laws. So, really the judges, trustees, and lawyers don't understand it all either, lol. I went to three different attorneys and got three different answers. I'll let you know who was right as soon as our case is discharged.

[SunshineGal]

We own a home we are not reaffirming, is that what you mean? I wonder why she told me $4000? Ugh, this is SO confusing.

My husband's car is in him and his MOM'S name and our attorney said that was good because then he only has to claim half. Not that it matters because the issue will be our personal property. If your value is over what you are allowed, what happens....you are dismissed or they just take it? We only have a few things that aren't complete junk, including our Big screen, the Wii, a hutch and office furniture (all 3-4 years old). No expensive clothes/jewelry or even china. But we have tools, lawnmower, 10-speed bikes, golf clubs etc (all GIVEN to us). They can have it all as long as we can see this through....is that possible? I don't care what they take, as long as my husband, my cats and I get out of this thing without any debt.

If you are surrendering your house in the bk, than you each get an extra $4,000 wild card exemption. That means you'll *each* get the $1K personal property, + an additional $4K wild card. (DH will get the car - I don't think he can use yours, but, he can cover the difference with the wild card money.

Price your stuff carefully. Check Craig's list and eBay completed listings to find the values of TVs, etc. Funny how that $2K big screen dropped in value the second you walked out of the store. We paid $700 for an LCD several years ago, they now have an upgraded model brand new at Walmart for $350.

IF you are over the allowed exemptions you have two choices...you can buy it back from the trustee, or surrender the non exempt items.

I hear you loud and clear when you say as long as you, the husband and cats make it through, lol.

[jlynn275]

ummmmmmmmmmmmmmmmm
I promised myself I would take everything as it comes and not stress. As long as I have my family nothing else matters, buuuut I get stressed when I don't understand something.

Can someone tells me what happens if you are over the pp allowance? If they take it, I can live with that. If it makes a 7 not happen...I can't live with that.

[tobee43]

So how do you find out the value of your car???? or your house for that matter? What do they use?

I am starting to stress for some reason. Also, what happens if you ARE over...will it stop the process or will they just take it??

you'll be fine....jlynn...honestly.

we just went on line and went to kelly blue book and printed out the lowest price. our home we just guessed or provided comps the trustee could review....apparently now we guessed high...didn't matter much it was over 170k underwater...so when it's i guess that bad you need not worry about exact number.

the way i did the value of the house really was i looked up in my county records on similar sales in the area..the comps basically...and i printed that out as well.

do not stress...will not help you.. keep happy thought and do lots of ummmmmmmmmmmm's k?

[jlynn275]

So how do you find out the value of your car???? or your house for that matter? What do they use?

I am starting to stress for some reason. Also, what happens if you ARE over...will it stop the process or will they just take it??

[tobee43]

Do you own a home you will be exempting? If not, you each have a $4,000 additional wild card exemption.

Car exemptions only apply to cars. I would imagine if the one car is in both names, you could exempt up to $2K, but don't quote me on that. Florida trustees use Nada retail...expect their idea of value to be higher than yours. We got appraisals which knocked the values down to a more realistic level.

You will each get $1,000 of personal property, and will need to use that to exempt your rings. You may want to stop in at a jewelry store and ask them what it's worth, but I would bet not nearly what you paid for them.

you got that with the cars...i brought in the kelly blue book value and the trustee did want to see it!!!!

[tobee43]

cool, thanks so much guys! I'm pretty paranoid too, so I want to be extra careful because we are over median and I don't want any red flags!!
I'm still slightly confused by the exemptions. My attorney told me she wanted to make it easy for us...so to remember $4000 for both us, including the car. Does that sound right? We get $1000 each personal property, $1000 each for a car? How does that work if one doesn't have a car for an asset, can that be transferred to personal property?

And since we are on the subject - what about our wedding bands/engagement ring? Do I need to have them valued? They weren't overly expensive new 5 years ago ($1800-2000 for all 3), but I don't want to think about them getting taken or throwing a monkey wrench into the plan.

i hate this....when we have to worry about our wedding bands....us after 40 years...come on!!!!!!! what they want to sell my thin little band...cut me a BREAK ALREADY!!

don't worry jlynn...you'll be fine ...floridia was terrible with the exemptions i think ....shoot i thought for a while we were going to have buy back our one and ONLY car...i can't believe it. i just listed them with personal property...if they WANTED MY WEDDING RINGS THEN MY HUSBAND GOES WITH IT!!!!!! end of story!

[nomore008]

We surrendered our home and now we have to move to a one bedroom apartment from a 3 bedroom TH. Things have to go, there's not room and I am not paying for storage. I guess I could tell them to come and get the stuff.

[jlynn275]

We own a home we are not reaffirming, is that what you mean? I wonder why she told me $4000? Ugh, this is SO confusing.

My husband's car is in him and his MOM'S name and our attorney said that was good because then he only has to claim half. Not that it matters because the issue will be our personal property. If your value is over what you are allowed, what happens....you are dismissed or they just take it? We only have a few things that aren't complete junk, including our Big screen, the Wii, a hutch and office furniture (all 3-4 years old). No expensive clothes/jewelry or even china. But we have tools, lawnmower, 10-speed bikes, golf clubs etc (all GIVEN to us). They can have it all as long as we can see this through....is that possible? I don't care what they take, as long as my husband, my cats and I get out of this thing without any debt.

[SunshineGal]

Do you own a home you will be exempting? If not, you each have a $4,000 additional wild card exemption.

Car exemptions only apply to cars. I would imagine if the one car is in both names, you could exempt up to $2K, but don't quote me on that. Florida trustees use Nada retail...expect their idea of value to be higher than yours. We got appraisals which knocked the values down to a more realistic level.

You will each get $1,000 of personal property, and will need to use that to exempt your rings. You may want to stop in at a jewelry store and ask them what it's worth, but I would bet not nearly what you paid for them.

[jlynn275]

cool, thanks so much guys! I'm pretty paranoid too, so I want to be extra careful because we are over median and I don't want any red flags!!
I'm still slightly confused by the exemptions. My attorney told me she wanted to make it easy for us...so to remember $4000 for both us, including the car. Does that sound right? We get $1000 each personal property, $1000 each for a car? How does that work if one doesn't have a car for an asset, can that be transferred to personal property?

And since we are on the subject - what about our wedding bands/engagement ring? Do I need to have them valued? They weren't overly expensive new 5 years ago ($1800-2000 for all 3), but I don't want to think about them getting taken or throwing a monkey wrench into the plan.

[tobee43]

Hi Jlynn,

Since you're in FL with the super generous exemptions of $1,000 for personal property (insert sarcasm here ) I would have the yard sale prior to the date of filing since technically, those small personal items become property of the estate the date you file. I'm sure it probably wouldn't matter in the grand scheme of things, but I tend to err on the side of caution. (ie: I can be a bit paranoid, lol)

LOL!! sg...right a whopping 1k!!!!!

actually we even sold our clothes...!!!! we needed money to live and we what we couldn't sell when we had to leave our house we gave to charity for a tax deduction....since we had a HUGE deduction we submitted the receipts with our petition...we ONLY donated to state or county associations so there were be absolutely NO questions about if the donations were legit or not...