Ch . 7 and Gifts Rcvd- how to list?

[keg020326]

I like in Ca. and have recently got all the paperwork to file BK Ch. 7.
Ive read through website, and books and cant find an answer to my dilemma.

My long lost father has recently come back into my life. He has been very generous and given me a new laptop ( value about $500), a 50" HD plasma Tv ( value about 1800) and a blu ray payer (value about 100). These have been gifts, there is no way I would be able to purchase myself.

All the things i have read about gifts and BK is if I would give gifts to someone or make donations.....not if it were the other way around. Or if i would give gifts to my spouse, which I dont have.

Do i list this out in my Personal Property schedule? If i do , do I run the risk of having these items liquidated?

HELP!

[debee]

You can just exempt these items as personal property. You would value them at garage sale/goodwill/ebay prices. Costco is selling 50" plasma TVs brand new for $630 so your used one is worth maybe half that. The blu-ray is just a used VCR, $65. Debtors are allowed to keep standard household furnishings - tv, vcr, etc.

The laptop will be priced the same way. Do you use the laptop for school or work? If yes, then it is a necessary household good. Maybe a "tool of trade".

How you claim the exemptions depends on which system you use. CA has two. The first one is preferred if you own a home with some equity. If not, the second system has a generous wildcard.

Link to exemptions: http://www.bankruptcyca.us/californi...xemptions.html

[tcreegan]

Hello keg,

All the things i have read about gifts and BK is if I would give gifts to someone or make donations.....not if it were the other way around.

hmmm...I noticed that too. I think if you are on the receiving end it ends up as personal property (income if it is $$) and that is how the BK accounts for it. I second debee, don't overvalue your stuff...most folks do...

Tom in Colo