How do they know what you own?

[Cliffman]

[deadbroke99]

They can probally tell if you bought any of it on credit. In my state of SC, they have just upped the exemptions and I believe all of what I own will fit in those exemptions. I have heard of a trustee sending an appraiser to your house before if they feel you haven't disclosed everything. Your wife's engagement ring will most lkely qualify under one of the exemptions. Do a google search for your state.

[vicmost]

Anything you have legal Title on (or recently transfered title on) would be readily accessible through the DMV of your state...
I had a buddy of mine who works for the Police dept. do a records search on me when I was applying for employment to see what shows up (I had a misdemeanor arrest that I wanted to know about)...The misdemeanor didn't show up but my deceased fathers truck showed up under my name! My sister never changed the title!

Anyways,
That is one way they can catch you...I wonder if it that shows vehicles that are registered to the same address but not in your name?? MMMMMmmm...

[Cliffman]

[StartingOver08]

Interesting... So does the trustee routinely pull a DMV report on every case??? What about your tax return? I’m a self employed General Contractor in Northern California. I have 3 businesses. 1) The General Contracting business, 2) I own a cabinet shop and 3) I formed an LLC for a rental property that I own. The rental property has about 20K equity but my primary residence is at -100k. How far back do they go on your tax returns if they require them when you file?

Well, I had to provide tax returns for the past 4 years, both personal and business. My business was an S-Corp and an S-Corp is considered an asset of the debtor - so you have to provide the business info too. That will be for your cabinet shop and your rental LLC (which is also your asset).

Had to provide 2 (maybe even 3 yrs) yrs bank statements for business and personal (each). The Trustee pulled the public corp records for me to see what companies I owned and which companies I was a partner in too (had a couple of limited partnerships over the years). Your Trustee may do the same thing, IDK.

Had to provide all property transfers for the LAST 10 YEARS. Copies of Deeds, closing statements and valuations of the remaining properties.

There is much more - I had to provide about 2000 pages of copies to the Trustee. But I was over median income and a CH 7.

To the OP, I also had to provide copies of all of my insurance policies along with their riders, if any. If you have a jewlery rider on your homeowners insurance that is where the Trustee may pick up what you own that does not have a 'title' per se. If I were you, I would make sure the ring is in the exemptions. Go to a pawn shop to get the value to use for the Trustee.

[Cliffman]

Well, I had to provide tax returns for the past 4 years, both personal and business. My business was an S-Corp and an S-Corp is considered an asset of the debtor - so you have to provide the business info too. That will be for your cabinet shop and your rental LLC (which is also your asset).

Had to provide 2 (maybe even 3 yrs) yrs bank statements for business and personal (each). The Trustee pulled the public corp records for me to see what companies I owned and which companies I was a partner in too (had a couple of limited partnerships over the years). Your Trustee may do the same thing, IDK.

Had to provide all property transfers for the LAST 10 YEARS. Copies of Deeds, closing statements and valuations of the remaining properties.

There is much more - I had to provide about 2000 pages of copies to the Trustee. But I was over median income and a CH 7.

To the OP, I also had to provide copies of all of my insurance policies along with their riders, if any. If you have a jewlery rider on your homeowners insurance that is where the Trustee may pick up what you own that does not have a 'title' per se. If I were you, I would make sure the ring is in the exemptions. Go to a pawn shop to get the value to use for the Trustee.

WOW! I can see this is going to be a lot of work! It's hard to believe that the trustee has time to review all the paperwork. Especially with the huge influx of BK in California!!!

[magyar123]

Assetts like the ones you describe are normally visible - car, boat, dirt bike, mountain bike.
A real snoopy trustee might make you show the items that you may have included in your homeowners' insurance policy.

[vicmost]

I don't know what resourses the trustee uses...I do know that they make you submit tax returns..Maybe one of the gurus that have been through the bk could enlighten us.

[vicmost]

WOW! I can see this is going to be a lot of work! It's hard to believe that the trustee has time to review all the paperwork. Especially with the huge influx of BK in California!!!

California is very generous with their jewelry exemptions if you go to http://www.bankruptcyinformation.com/CA_exemp.htm it lists the different two different exemption tables....I believe it is $5k for jewelry on the first table and $1150 for the second...

Funny how even simple questions can become complex.

[fltoo]

WOW! I can see this is going to be a lot of work! It's hard to believe that the trustee has time to review all the paperwork. Especially with the huge influx of BK in California!!!

Don't know about other states, but I assume it's the same as in FL. Here, the trustees have a staff of people working for them. They have "people" LOL

[Cliffman]

Don't know about other states, but I assume it's the same as in FL. Here, the trustees have a staff of people working for them. They have "people" LOL

Well California is broke ($$$) and we're having record numbers filling so I'm hopping my stuff will squeeze through without too much scrutiny...

[FloridaGuy]

Can't say for all...

But I submitted over 2000 pages of requested "additional" documentataion... 10 days prior to our 341... then 3 days prior to our 341 she requested additional income about a dividend she saw on a two year old tax return. That opened a can of worms for me!

I really think it depends on how much of a stickler the trustee is.

[relief13035]

It seems to be a very popular thing right now to file bankruptcy in California. My attorney told me my discharge might be a little late due to the court being overwhelmed.

[Cliffman]

California is very generous with their jewelry exemptions if you go to http://www.bankruptcyinformation.com/CA_exemp.htm it lists the different two different exemption tables....I believe it is $5k for jewelry on the first table and $1150 for the second...

Funny how even simple questions can become complex.

Hmmm, my lawyer told me we had a total of 20k allowed and anything over that we would have to pay back. I don't see the 20k exemption anywhere under either of the 2 sections here http://www.bankruptcyinformation.com/CA_exemp.htm
maybe someone could enlighten me....

[JoeBankrupt33]

This would only be true if you were using system 2 and not using the homestead exemption. And then, it would only be close to $20K.

The wild card exemption is $925 + any unused homestead exemption up to $17425 (only in system 2).

In the specific case of jewelry, you would exempt the first $1150 under the jewlery exemption, then for the rest you could use the $925 + $17425. So, technically, you could exempt $19500 of jewlery, but that would leave you little room for everything else.