Federal Exemptions: $xxx per item, total less than $YYYY. List each item?

[doni49]

Under the Personal Property section of the Federal Exemptions list, it says "Animals, crops, clothing, ..........furnishing..... to $525 per item, $10,775 total."

So if I have a sofa valued at $400, a dining room table valued at $50 (really old), a recliner valued at about $100 & clothes valued at (a number I haven't figured out yet), do I list each item separately?

TIA!

EDIT: After going through all my property, I've listed my IRA and my CPAP machine under their respective categories (CPAP is a health aid for sleep apnea). The total value of everything else (including cash on hand, in savings/checking accounts and wages earned but not yet received) is less than $10k. The federal exemptions includes a $10,200 wildcard (don't own real estate so I can apply half the homestead as wildcard). Is it safe to just say "various furnishings, computer, computer peripherals and clothing" and list the total value as $9000 (the total would be WELL under that)?

[AngelinaCat]

List categories of things, such as 'Assorted Pots and Pans' -- XX value; 'Assorted Cooking Utensils' -- X value; '3 Piece bedroom suite' -- XX value; and so forth.

Price everything as though you had to move and have a yard sale to get rid of the things you can't take with you.

Good Luck to you!

[doni49]

List categories of things, such as 'Assorted Pots and Pans' -- XX value; 'Assorted Cooking Utensils' -- X value; '3 Piece bedroom suite' -- XX value; and so forth.

So if I DID go with using the "Personal Property" category instead of the WC, I'd probably have to list each individual piece of furniture: Sofa -- $400, Chair $100? Just want to make sure I've got my bases covered in case I DO find something else for which I have to use the WC.

Price everything as though you had to move and have a yard sale to get rid of the things you can't take with you.

That's pretty much what I'm doing. I originally paid a lot more for the furniture back in 2009. But know better than to list retail prices.

Good Luck to you!

Thanks Cat. I'm getting ready to file. Hoping to do so by early August.

[discouraged]

That was the hardest part for me - listing everything, but I think that by doing that (attorney said he never saw such a detailed list), the trustee saw that I was being totally honest and did not question anything I put down. I did a general list with houselhold as AnglinaCat suggested but I have a lot of remodeling items which I listed seperately as they are/were new and since my home loan was included in the bk, thought it was prudent to list them.

My attorney had a blank list of things to include, couches, chairs, lamps, tools, household appliances, etc. You can blanket some things; clothes, shoes, kitchenware (dishes etc) but I do think that by lisitng everything I thought had value, it showed I was being truthful, which made my 341 pretty painless.

[sunshinepa]

If you look at Schedule B on the forms, you will see the type of property column. You don't have to put the dollar amount in the description. Example, for household goods (#4 I think), list furniture, appliances, linens and etc. Then put the total cost in the value column.
I did things like 2 rockers, 1 queen bdrm set and etc.

There was no problem at my 341 with these listed like this.

[AngelinaCat]

So if I DID go with using the "Personal Property" category instead of the WC, I'd probably have to list each individual piece of furniture: Sofa -- $400, Chair $100? Just want to make sure I've got my bases covered in case I DO find something else for which I have to use the WC.

No, say 'three piece living room suite--or ever how many pieces it might be--perhaps the sofa and a chair' -- not good condition, $200.00 value at best. And I still think you will have overpriced it. We did it with our stuff.

Keep in mind that as I drive around and about in our county, I see chairs and sofas on the side of the road everywhere. So going with that scenario, you could value your items at $0.00. But that is not realistic, so come up with something between 0 and 200, and I think you will be okay.

Good luck!