Selling small items...bad idea?

[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.

[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.

[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.

[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.

[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.

[SunshineGal]

No worries...it's very confusing! BTW, I'm learning as I go. I'm not an attorney and can only offer what I've learned.

With that being said. If you do not plan on keeping your home and are not re-affirming the mortgage, than you *should* be able to take the super exemption. This gets tricky because it varies by district. Worst case, if the trustee wanted your belongings, you would be able to ammend your exemptions to keep the items you want so your wedding rings should be safe and nobody is going to want your photo album unless it's full of rare old pictures of historical importance, lol.

[tobee43]

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.

yes...BK lingo can sometimes be confusing...

we were meaning or speaking of, if you are planning on surrendering your house...and if you are NOT...make sure you do not re affirm it. (that's for your future)...just continue to pay...as it stands now you most likely ....like everyone else have little or no equity in the house and you are most likely homesteaded in fl....so that's not a problem.

the trustee will decide whether they feel you are an asset case or not....however, your atty should make it very clear as to your chances of going no asset and what dangers are you at in as much as being an asset case and what needs to be done...etc. you just want to make certain your eyes are wide open while you go through the process...that way you have no surprises to cause added stress...

i'm sure you'll be fine...it's confusing and stressful and an highly charged emotional roller coaster...but you'll do it..just fine!

[SunshineGal]

FYI - If you claim a homestead exemption on the schedules you CAN NOT take the wild card exemption.

[jlynn275]

this is the first I've heard of being an asset or no asset case?? I'm starting to wonder if it's better to go through only knowing the bare minimum....save myself the stress!

[jlynn275]

FYI - If you claim a homestead exemption on the schedules you CAN NOT take the wild card exemption.

I've been in my house for almost 4 years and I still do not even understand what homestead exemption is. And I especially don't understand how it applies to BK. LOL

[keepmine]

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.[/QUOTE]

The trustee will negoitate with you to buy out any excess equity you may have in personal property. If, you don't want to do that then, you surrender the property.
You'll get a discharge unless you fail to comply with the trustees orders and don't surrender the property.
Just relax-you're on your way and don't let your lawyer skate on the details. They're working for you. If you don't understand something tell them so and don't leave the office or hangup the phone until you do understand.

[SunshineGal]

Basically, in the state of Florida you have an unlimited homestead exemption, well, within reason anyway. Let's say you have a $750,000 beach front property owned free and clear. IF it's your homestead, the unsecured creditors can't touch it. This applies both in bk and with judgment creditors...they cannot force you to sell your home.

There is another type of homestead through the property appraisers office. Basically, if you file that exemption, your taxes will only increase 3% per year. Everyone should have the their primary residence claimed as homestead for tax purposes.

Now, these are two different animals. By not claiming the exemption in the bk you run the risk of the trustee selling it. If you have equity...it's a huge gamble. If your like most of us in FL and owe more than its worth, chances are the trustee won't want it.

[tobee43]

this is the first I've heard of being an asset or no asset case?? I'm starting to wonder if it's better to go through only knowing the bare minimum....save myself the stress!

no....sorry...we aren't letting you do that...LOL!!!

seriously...it might take you some time to learn all of this..and you theoretically shouldn't have to, because that's why we hire atty's we trust.

however, the atty does this everyday...and you do not. you ARE YOUR OWN best advocate...it's just best for you to understand what's going on.

[jlynn275]

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.

The trustee will negoitate with you to buy out any excess equity you may have in personal property. If, you don't want to do that then, you surrender the property.
You'll get a discharge unless you fail to comply with the trustees orders and don't surrender the property.
Just relax-you're on your way and don't let your lawyer skate on the details. They're working for you. If you don't understand something tell them so and don't leave the office or hangup the phone until you do understand.[/QUOTE]

Thanks for that. I feel like such a pain because I am so anal and my husband is so....trusting? He's just like "it'll work out" and I'm like "yeah, because I do all the leg work to make sure we do it right" and he's all "well you stress about things you don't need to stress about". blah blah. LOL

[jlynn275]

Basically, in the state of Florida you have an unlimited homestead exemption, well, within reason anyway. Let's say you have a $750,000 beach front property owned free and clear. IF it's your homestead, the unsecured creditors can't touch it. This applies both in bk and with judgment creditors...they cannot force you to sell your home.

There is another type of homestead through the property appraisers office. Basically, if you file that exemption, your taxes will only increase 3% per year. Everyone should have the their primary residence claimed as homestead for tax purposes.

Now, these are two different animals. By not claiming the exemption in the bk you run the risk of the trustee selling it. If you have equity...it's a huge gamble. If your like most of us in FL and owe more than its worth, chances are the trustee won't want it.

OK. I understood when we bought the house and I knew we were homestead exemp...but I have since forgotten what exactly that means. We bought in 2007, so you can imagine we are not only drowning, but we are $70,000 feet deep under water. I don't want to keep my house, but I do want to stay as long as possible to save money. I guess this is where I need to seek the advise of my atty. But first I need to get my pp list square so I know if it even matters.