Personal Asset Query

[Tronn]

I'm in FL and will be filing for Ch.7 next month, my query is regarding the $1000 in "personal" property (?) I'm allowed, I was told in FL you are granted $1000 for a car & $1000 for personal, so does anyone know if the trustees or court(?) actually send someone out to your house with a warrant or some other court paper that grants them entry to examine your personal property to make sure it's value is only $1000? I have nothing to hide, I've long ago sold anything of great value to keep up with the bills, I'm wondering though about household items..ie...your computer, TV, frig, stove, furniture, a few hand tools...etc

Just how close do they scrutinize your $1000 worth of personal items? on a side note I have no $$$ assets at all, the only assets are in my Paid for, mortgage-free home that I live in.

Also for those who have gone through a ch 7, I'm in debt around 90k, CC totally, what do you think my odds are? good or bad? What type of questions are asked during the meeting with the trustees? how pointed are they?

[TXskyblue]

Here in TX no one ever came to my house to verify my claimed exemptions or to check to see if I was hiding money under my mattress. As far as I know, that is not done anywhere.

Please know that hiding assets is bankruptcy fraud which is a felony. This is mostly aimed at people who hide cash or expensive belongings. For your regular items, value them at garage sale prices. A used computer is nearly worthless, no matter how much you paid for it, so maybe $50. I think put my fridge at $75. You get the idea, I'm sure.

Looking at the FL exemptions, your paid off house should be completely exempt unless you have a lot of acreage.

I had something like 70 or 80K in credit card debt when I filed. There are people who have > 100K in credit card debt. My attorney was not shocked at all when I showed him how much CC debt I had. Said it was not uncommon. As far as your odds of a successful chapter 7, that depends on your means test. If you're filing next month, your attorney must have done this already. Did you pass?

There's a sticky on here with common 431 questions. My trustee asked me when I bought my house, why I was filing bankruptcy, if my papers were correct and if I had anything to add, if I had filed my taxes and if I was expecting a refund and how much it would be. That's what I remember. It was quite short, a couple (5-10) minutes. They are looking for fraud and hidden assets, so if you have no hidden assets and have been honest on your filings then there is nothing to worry about.

[LadyInTheRed]

I'm in FL and will be filing for Ch.7 next month, my query is regarding the $1000 in "personal" property (?) I'm allowed, I was told in FL you are granted $1000 for a car & $1000 for personal, so does anyone know if the trustees or court(?) actually send someone out to your house with a warrant or some other court paper that grants them entry to examine your personal property to make sure it's value is only $1000? I have nothing to hide, I've long ago sold anything of great value to keep up with the bills, I'm wondering though about household items..ie...your computer, TV, frig, stove, furniture, a few hand tools...etc

Just how close do they scrutinize your $1000 worth of personal items? on a side note I have no $$$ assets at all, the only assets are in my Paid for, mortgage-free home that I live in.

If you are in the Middle District of Florida, the trustee very well may send an appraiser to value your personal property. That is the only court where I have heard of it routinely happening.

Also for those who have gone through a ch 7, I'm in debt around 90k, CC totally, what do you think my odds are? good or bad?

The amount of debt you have does not determine whether you are eligible for a Chap 7 discharge. A good summary of how your eligibility for Chap 7 is determined is at http://www.nolo.com/legal-encycloped...ity-29907.html. But, the best way to know if you qualify is to consult with a couple of experienced BK attorneys. Have you done that?

What type of questions are asked during the meeting with the trustees? how pointed are they?

The meeting at which you will be questioned by the trustee is the meeting of the creditors, aka the "341 meeting". Creditor's can also show up to ask questions, but that is rare. If you are self employed, have assets in which the trustee is interested, or if the trustee has reason to think you are hiding something, there will be more probing questions. You can find many stories of 341 meetings in the 341 Meeting subforum: http://www.bkforum.com/forumdisplay.php?33-341-Meeting.

[Tronn]

Here in TX no one ever came to my house to verify my claimed exemptions or to check to see if I was hiding money under my mattress. As far as I know, that is not done anywhere.

Please know that hiding assets is bankruptcy fraud which is a felony. This is mostly aimed at people who hide cash or expensive belongings. For your regular items, value them at garage sale prices. A used computer is nearly worthless, no matter how much you paid for it, so maybe $50. I think put my fridge at $75. You get the idea, I'm sure.

Looking at the FL exemptions, your paid off house should be completely exempt unless you have a lot of acreage.

I had something like 70 or 80K in credit card debt when I filed. There are people who have > 100K in credit card debt. My attorney was not shocked at all when I showed him how much CC debt I had. Said it was not uncommon. As far as your odds of a successful chapter 7, that depends on your means test. If you're filing next month, your attorney must have done this already. Did you pass?

There's a sticky on here with common 431 questions. My trustee asked me when I bought my house, why I was filing bankruptcy, if my papers were correct and if I had anything to add, if I had filed my taxes and if I was expecting a refund and how much it would be. That's what I remember. It was quite short, a couple (5-10) minutes. They are looking for fraud and hidden assets, so if you have no hidden assets and have been honest on your filings then there is nothing to worry about.

If you are in the Middle District of Florida, the trustee very well may send an appraiser to value your personal property. That is the only court where I have heard of it routinely happening.



The amount of debt you have does not determine whether you are eligible for a Chap 7 discharge. A good summary of how your eligibility for Chap 7 is determined is at. But, the best way to know if you qualify is to consult with a couple of experienced BK attorneys. Have you done that?



The meeting at which you will be questioned by the trustee is the meeting of the creditors, aka the "341 meeting". Creditor's can also show up to ask questions, but that is rare. If you are self employed, have assets in which the trustee is interested, or if the trustee has reason to think you are hiding something, there will be more probing questions. You can find many stories of 341 meetings in the 341 Meeting subforum.

I'm not hiding anything, I'm currently on leave with the company I work for, waiting for a position to open up because I transfered from another city.

My attorney has told me they wouldn't bother coming out to verify anything as my case, as per his opinion, is a fairly common one, I wish I'd known what I know now, it would've saved me at least $10k.

Thanks so much for the replies