CH 7 - personal property list

[lovemy60s]

tax return

how about a tax return, once a chp. 7 is discharged, could they take your tax return?

[SCorpPain]

This one has me rather stressed too. My furniture, while all paid for and all at least 10 years old, is nice. This bk is strictly due to a failed business that is directly tied to the sucky economy. If I have to sell furniture that I have had for 10 - 20 years, long before I launched the company, I am going to be sick.

Today was an incredibly bad day. If you have an account at Wells Fargo all I can say is close it now! Right now the mattress or coffee can in the back yard is looking really good.

[eddiep]

SCorp
Don't stress about the furniture, I have not heard of anyone giving their sofa to the trustee. I think the reason you have to list everything is to create a base, that way the bigger items like boats, dirtbikes, expensive jewelery become unexempt. If you use all your exemptions on saving your sofa, clothes, trashcans etc you won't be able to save the bigger items that the trustee can sell. Does your state allow for alot of exemptions? Are the federal exemptions available to you in your state, they seem very generous. And again it is what you could get for these items in a yardsale, and although it is still nice it is ten years old.

[SCorpPain]

SCorp
Don't stress about the furniture, I have not heard of anyone giving their sofa to the trustee. I think the reason you have to list everything is to create a base, that way the bigger items like boats, dirtbikes, expensive jewelery become unexempt. If you use all your exemptions on saving your sofa, clothes, trashcans etc you won't be able to save the bigger items that the trustee can sell. Does your state allow for alot of exemptions? Are the federal exemptions available to you in your state, they seem very generous. And again it is what you could get for these items in a yardsale, and although it is still nice it is ten years old.

I'm in Colorado. As I understand it CO does not allow federal exemptions. Plus I thought I read that in CO we have to jump through some sort of depreciation hoop rather than the "garage sale" price. I do not have any bigger items... no boat, no snowmobile, no dirtbike, no expensive jewelry or furs.

Getting the business closed is killing me... I gave it life and it thrived until... well until the world fell apart last year. Every time I read the "going out of business" message I think my blood pressure shoots up about 20 points.

[eddiep]

That stinks, this economic crisis stinks. I am very sorry to hear that you are losing your business. Have you found another job yet?

[SCorpPain]

That stinks, this economic crisis stinks. I am very sorry to hear that you are losing your business. Have you found another job yet?

No. I have not even been able to update my resume. There is simply too much to do/learn and the stress level is too high. The job search will begin after I file bk. I must get some of this stress off my head/back so I can focus on working for someone else again.

[Hamiltonhiii]

Item #20- Life Insurance

It asked for "contingent and non-contingent" intestest in life insurance policy...does this mean "contingent upon my own death, I would get x number of dollars"?
Or is it just interests in someone else's death?
h

[KevFinnerty]

All of this has me very confused as well and I haven't even decided if Chpt 7 is right for me or not.

I have large number of things like CDs, CD-Rs, DVDs, DVD-Rs. Would take me years to figure out/guestimate values for each or combined; some may be worth a lot, some worthless - and how can you even determine in most cases??. Not even thinking about things like books, electronics, clothes, PCs, all kinds of stuff. How do people account for all this stuff? This is sooo depressing.

[eastbaybk]

Generally, lump everything together (i.e. clothing, furniture, etc.) though if there is a specific item that has some value I would list that on its own (i.e. collection of some kind, jewelry, etc.)

[rbig]

I'm in Colorado. As I understand it CO does not allow federal exemptions. Plus I thought I read that in CO we have to jump through some sort of depreciation hoop rather than the "garage sale" price. I do not have any bigger items... no boat, no snowmobile, no dirtbike, no expensive jewelry or furs.

Getting the business closed is killing me... I gave it life and it thrived until... well until the world fell apart last year. Every time I read the "going out of business" message I think my blood pressure shoots up about 20 points.

SCORP,
I feel your pain. My business in AZ was cruising along extremely well for the past 13 years and then this economy killed me. I had two major tenants default on their leases (I own two office buildings) after I spent $300k getting them moved in. The domino effect started and eventually is going to push me in to BK, ch7.

Millionaire to starting over. My unsolicited advice: AVOID SIGNING PERSONAL GUARANTEES.

RBIG

[platter]

I thought I was going to freak when one consulation with atty gave me a list to declare how many hammers I have, how many of all of those items, iron, coffeemaker, etc.

I'm learning about 'lumping' all these things together. At the paralegal service she told me that tool items can be lumped together but if it was a larger tool item(s) such as compressors, etc., things of greater value, that I'd have to list those and fortunately I don't have larger items and if I did, I'd take it to a neighbors home and leave it there and woudn't list it. I've got about 200 CDs that I'd bought back around 1993 and I don't know what the lump of them would be worth and I'd put $2 each because I bought an older one at a garage sale the other day and it was $2 so heck with it, I'll value them at that.

I can't even find where I put our inexpensive wedding bands and I'm not going to fret over it because they're basically lost imo though they're placed somewhere but I don't know where I placed them for safekeeping. Truthfully!

Yeah, keep the small stuff at lesser value so that there's more money for the larger items.

[AlmostAmos]

My attorney did NOT go into great detail w/ our list of assets. During my interview w/ her, she asked us "how many couches, how many chairs, how many beds, etc." and created her list from that. It did not list anything like books, specifics of TV size/type, details on tools, etc. It depends on the expectations of your district from what I've read. General is better. And, like 2xBK said - DO NOT over-value your items. These are craigslist values. Your stuff is worth WAY less to somebody else.

[abkguy]

Generally speaking the trustee does not care about your personal items. Put yourself in his shoes. He gets paid $60 for administering your case. Do you think he wants to take your used furniture, kitchen stuff, books, etc. and deal with selling it on ebay or craigslist? No. He does not care!

List it according to the groups on the form. Imagine you had to sell all of your computer and electronics equipment on ebay. All of it. What could you get? $300? $1000 if you have a lot? Then put computer and electronic equipment, $1000. Just make sure you put something down if you have anything of that category that could have some value.

What the trustees really care about is valuable property that can be easily liquidated for significant sums of money (meaning in the $1000s, remember we are dealing with lawyers who bill in the hundreds of dollars an hour). Cars, real estate, life insurance policies, pending judgments, serious coin or antique collections, business inventories and equipment, etc. Not things they would have to sell on craigslist for $50.

Edit: And by the way, if your attorney gives you a form to list all of your property individually, he's just doing it to cover his own ass. It will not matter to your case unless you are dealing with items of significant value. Say you just went out and spent $10K on new high-end furniture 6 months before your BK. Then you better be diligent in declaring it. For most people who don't have anything that can be easily liquidated for $1K+ lumping into categories is fine.

[free2breathe]

Scorp, I think that once tcreegan sees your post, he will offer some very helpful info, as he's also in Colorado. He's been through it and can put your mind at ease

[free2breathe]

how about a tax return, once a chp. 7 is discharged, could they take your tax return?

Yes, they can actually take your tax return. From what I understand, it depends on the amount and the trustee whether they will actually take it. If you live in a state where it can be exempted, that's about the only way it would be safe. Also, from what I've read, they usually prorate the amount they have a right to. For instance, if you filed the end of this month, you have 10 of the 12 months of the year you filed that they would have a right to. If you were entitled to a $1200 refund, $1000 of it would be eligible for surrender. Someone correct me if I'm wrong.