What's mine?? What's theirs??

[mgmtrnr]

I just declared Ch. 7 and I'm pretty sure I will be able to keep my house because there is hardly any equity in it. I am debating whether to keep it or not. If I keep it, then I'll be paying around $1000 a month for essentially "rent" to the mortgage company. So, I'm thinking about just letting them have the house. I can rent an apartment from my brother for $500 a month with utilities and cable included.

Now, my question.

I paid out-of-pocket for the dishwasher and refrigerator that are in the house. Can I and/or should I take those things with me to possibly sell later?

Also, what about things like window treatments? I've got some wood slat blinds that aren't cheap so would it be best to take them or leave them??

[justbroke]

I paid out-of-pocket for the dishwasher and refrigerator that are in the house. Can I and/or should I take those things with me to possibly sell later?

Feel free to take anything that isn't bolted into the home's structure. You can definitely take the refrigerator. Depending on the type of dishwasher, take that too, if you like.

Remember, if you keep them, they are assets and have value which may have to be reported under your exemptions (if you're filing Bankruptcy).

Also, what about things like window treatments? I've got some wood slat blinds that aren't cheap so would it be best to take them or leave them??

You can take Window Treatments too where they don't cause harm to the home's structure. That is, take your curtains, Levolor Blinds, Bali Shades and anything else like that.

However, don't remove the new Bay Window or Sliding Glass door you just put in. Don't remove the knobs and locksets. Don't remove light fixtures or doors.

If you do remove any "hardware", you need to replace it with something. If you bought a nice chandelier, take it (and use your exemptions to cover it, if filing Bankruptcy. However, put something in its place.

While it really doesn't matter that you stripped the place, it could lower the value of the home on sale and the deficiency increased.

I haven't heard where anyone was ever dinged for stripping a house, but it's not really nice and you don't really own all the contents when you still have an unpaid mortgage.

So, some of what I'm saying is just the moral thing to do.

[Scooter10]

While it really doesn't matter that you stripped the place, it could lower the value of the home on sale and the deficiency increased.

......

So, some of what I'm saying is just the moral thing to do.

Justbroke - I love your posts and attitude. Would it really matter if someone stripped the house (besides the moral part). Who really cares if there is a high deficiency judgment? You have have filled chp7 and not liable for the deficiency anyways.

[justbroke]

Justbroke - I love your posts and attitude. Would it really matter if someone stripped the house (besides the moral part). Who really cares if there is a high deficiency judgment? You have have filled chp7 and not liable for the deficiency anyways.

Ummm... there's this thing that they could file... and I haven't personally heard of any lender doing this.... but they could file a Motion to disallow the discharge of portions of the deficiency. Super duper caveat that I've never heard of it being done. I think it's no different than running up your credit cards, knowing that you are going to file.

At what point is it not fraud?

If I were a lender's attorney, I might just try this on a really obvious strip job.

[endisnear]

I read an arcticle somewhere, maybe in Business Week, a few months ago about a guy who was being sued by the lender for removing some things. He had taken basically everything, bolted down or not. Appliances, cabinets, lighting, even crown molding! I'd say, if it's something that you'd normally take with you if you were to sell the home, then take it. Otherwise leave it, or at least replace it with something cheaper.