Items purchased by teenage children

[nohope]

My kids worked part time jobs a few years back and purchased items for themselves - how do these items factor into a chapter 7 case?

[IamOld]

My kids worked part time jobs a few years back and purchased items for themselves - how do these items factor into a chapter 7 case?

In my humble experience, at least in my state, you value "stuff" at (per my lawyer) at garage sale/craiglist prices, so it may not at all matter...ESPECIALLY if it's a few years ago...

(I like your screen name - I'm a pessimist and if feel the same way- nonetheless, I wish you all the best!)

[newbie2]

My kids worked part time jobs a few years back and purchased items for themselves - how do these items factor into a chapter 7 case?

They don't factor in at all. Your kids possessions are theirs, paid for with their money.

[SunshineGal]

I agree with Newbie, although this may vary by state so be sure to ask your attorney.

[Pandora]

It varies state by state; we had to include everything, including son's toys, cd's, movies, etc; christmas/b-day present or even if purchased with his own money. Here in VA until that child is 18/out of house - their possessions are yours.

Had to try to explain to our son that no one was going to take his things.... was pretty hard on the little guy.

[pikaroth]

In terms of how much something is worth, the people before me at my 341 were actually asked this very question. Many of them left stuff off of their petitions and when the trustee asked them what items they left off, the next question was some form of, "Now, if you were to sell them right now at this moment at a garage sale, how much would you get?"

[AngelinaCatHub]

In terms of how much something is worth, the people before me at my 341 were actually asked this very question. Many of them left stuff off of their petitions and when the trustee asked them what items they left off, the next question was some form of, "Now, if you were to sell them right now at this moment at a garage sale, how much would you get?"

They were lucky. Nice Trustee. We simply itemized big stuff, things like clothes we gave a ball park yard sale price. Listing every tool in the shed is work. Listing shed of tools $100 bucks worked well. The Trustee had no problem with that. 'Hub