Selling small items...bad idea?

[jlynn275]

Before I even considered BK I started "anti-hoarding" and stashing things I wanted to get rid of in a garage sale. My mom, cousin and best friend are all adding things to the sale and we have planned on having one in November. I started the BK process (not filed yet, but gathering) and I'm wondering if having this sale is a bad idea? I could only possibly make $200 MAX on all my items, unless we actually sold my above ground pool (which I tried selling alllll summer). It would be at my house and I could use all the extra dollars I can get towards my attorney fees. But I also just like to clean house once in a while.

So how does this work? Is this considered trying to get rid of assets or does that only matter if you are talking big ticket items? Where is the line? Like if I sold my pool and accessories for $200 and made a $100 on small items.

[backtoschool]

It is fine. People sell small items to pay their bills all the time. It is not considered trying to get rid of assets.

[AngelinaCatHub]

Go for it and I hope you make more than a couple hundred. What you ask is tantamount to reporting finding change in your couch cushions. It is a non issue. Sell the condo, now, may be a bit different. 'Hub

[tcreegan]

The yard-sale is small potatoes, as backtoschool and ACH said, go for it. And while you are at it, the prices you get at a garage sale are good for valuing the rest of your personal property for your exemptions.

Hope you have better weather than we are having!

Tom in Colo

[SunshineGal]

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)

[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...

[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.

[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]

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.

[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.

[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!

[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!!!!

[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]

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]

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.