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asset disclosure and cash on hand

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    asset disclosure and cash on hand

    First i would like to mention i have been largely unemployed for 8 months. prior to this time i have never missed a payment on anything and i have never ran bills up with intent to ditch them. However, I have been put into the chapter 7 boat, with a gross reduction of income and 12k credit card debt and 69k in a heloc, on top of mortgage and regular monthly expenses. My concerns are this. When laid off 8 mths ago i cashed a savings account in and took the 8k and put it up in my house. I was sending only partial payments or a bimonthly payment to my second mortgage and i didnt want them freezing my savings account and claiming my cash. 5 months went by and i got a job with overtime which lasted only ten weeks. As i went back to work i send chase bank a lump sum of 3k which caught up my 2nd mortgage. I knew my job was only a short call, so instead of paying my 2nd i stashed all my extra money. Mind you, at this time i thought a loan remodification was going to be enough, and i had no intention on filing a BK. Once i got laid off i did my budget and with a shortfall of 1500$-2k$ a month i realized a bk was my only option (my wifes hours were cut in half).
    So i made plenty of money for 3 months to pay all my bills but chose to save it. I never put my whole check in the bank, just what was needed to cover bills. I cashed at the casino and then deposited what i needed. Now im filing my paperwork and im concerned because the payroll receipts show plenty of dough but i wasnt sending chase the 1100$ a month. Is this something i should be concerned about. I was laid off for 5 mths prior to making this money. My savings was closed 7 mths ago and my attorney is only asking for records 6 mths back.
    Cash, i have 8k savings left. 2k attorneys fees, which leaves 6k to move my family into a new house and cover emergency expenses till who knows when i get a job. For obvious reasons im reluctant to tell the trustee about it, but im nervous because the paper trail is a little shakey. I just cant imagine leaving the courtroom homeless with 2 kids and no money to move into a place to live.
    Second concern, i sold a dirt bike and pawned off a couple guns about the time i first was laid off. dirtbike was 1800$, and guns for like 300$ i honestly dont have the cash, and who knows what i did with it. is he gonna jump me about that? do i need to tell the trustee and just cross my fingers?
    Guns, i still have a few and a couple are family heirlooms. I was gonna list all of my handguns because they are registered, but do i really need to list my rifles?
    lastly, i have one dirtbike in my garage and its the one thing my wife dont wanna list. here in nevada we dont need to register them, and its been paid off for 2 years. i have a title, is it really dangerous to not list it. How deep do they look
    Im listing a 20 acre parcel, a 3 acre alpine parcel, 2 trailers a small boat, and like 4 guns. am i satan for trying to hold onto a dirtbike a couple rifles and 6k dollars? sorry this was so long, im really really trippin over this

    #2
    In response to:

    "Im listing a 20 acre parcel, a 3 acre alpine parcel, 2 trailers a small boat, and like 4 guns. am i satan for trying to hold onto a dirtbike a couple rifles and 6k dollars?"

    No, you are not "Satan" but if you get caught you could lose your right to a discharge and possibly face criminal prosecution.

    The point of fact is that you are an asset case. The sale of the land will give the Trustee "seed money" to continue the investigation. If you want a clean slate then disclose, disclose, disclose.

    Des.

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      #3
      You can't pick and choose what to disclose you have to share it and hopefully exempt it all. You're under oath at your 341 and one of the questions is if the paperwork is all correct. I guess you could always roll that dice but lying under oath and getting caught never works out well for anyone.
      Filed Chapter 7 - 06/30/2010
      Discharged - 11/18/2010
      Closed - 12/22/2010

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        #4
        makes me wish i woulda bought a couple corvettes and wrecked em. then at least id feel decent about bankruptcy. I basically borrowed the banks money, invested it for them, paid interest on it, and then gave it back along with my guns, cash, and dignity. hahaha. oh well, i stuck my neck out there to try for the big payoff. for me it didnt work out.

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          #5
          Hi again scottyrox,

          I'd feel decent about bankruptcy Remember that a BK is a business decision, nothing personal. It is just numbers on paper and the best course of action for your long-term financial interest. The trustee is going to do what is required by the rules, their opinion doesn't matter.

          Nevada has very generous personal property exemptions, probably enough for your dirt bike, guns, and some left over...check this site out:

          Bankruptcy exemptions determine if you can keep your house, car, pension and retirement funds. Learn the available state and federal bankruptcy exemptions.


          wife dont wanna list im reluctant to tell the trustee about it but do i really need to list my rifles? do i need to tell the trustee ....as despritfeya so eloquently said: disclose, disclose, disclose Absolutely give ALL info to your attorney, this is crucial.

          Tom in Colo

          ps: If you are surrendering the house you're in now, you might ask your attny about declaring one of the other properties you have as your homestead. Not sure how the 'declaring' is done in NV....
          Ch7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010

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