Inventory of what have at the time you file

[realestatebust]

Not completely familiar with the process but how is it determined what you have at the time of your filing. Is it just by what you list on your filing or does the trustee go through your house? What about if your case is audited? Has anyone had any experience with this? Just not sure what to expect , are they going to come to my house and inventory it and have a auction type thing????

[FreshLikeADaisy]

Legally, they CAN come and inspect your property, but it's rare. There was one guy who posted recently that the trustee came out and looked in his barn (or garage, I forget) without his knowledge and then later, at the 341, asked him whether he owned any mountain bikes. Creepy, but not really anything he can do about it.

You have to list the items yourself and give it to the attorney, or fill out the schedules yourself (if you don't have an atty). It's not "determined" by a third party, at least not in the beginning. You have to offer a complete list of what you own.

But just FYI, before you think about "forgetting" about something you may own, keep in mind that trustees are VERY good about finding what you have. If you paid credit for something, if is registered like a car or motorcycle, if you have insurance on it, if it is deeded, if it has ever been collateral for something, if you inherited it and it was specifically listed in a will, etc (the list of potential sources of info on what you own goes on and on), don't even bother trying to hide it.

I'm not saying that's what you'd do, but that's usually the first thought a person has when finding out how extensive an inventory the court really wants. God help me -- I'm a pretty honest person -- but that was my first thought too. Fortunately it didn't last long. When it comes down to letting them have whatever they want, or having to deal with audits and possible fraud charges, dude, take what you want!!! Know what I mean?

[lrprn]

In most cases, the trustee is going to be most interested in assets and belongings currently worth over $1000. They don't expect an accounting of how many teaspoons you have in the silverware drawer .

Most households in the US have approximately $2000-3000 worth of goods - furniture, clothes, household items, etc. These are evaluated at what you could get if you sold them, not their replacement value or what you originally paid for them.

The chances of a trustee coming to your house is about 0.01% and would happen only if he/she thought you were hiding valuable assets. Don't waste your time worrying about this if you aren't going to be hiding assets. Hope this helps!

[realestatebust]

Thanks for the info. I dont want to hide anything, I agree if you want it you can have it. But I do hope to keep our house.

[One Half Full]

I also read in the tactical BK manual that it was what you could get for them at a "quick sale," like an auction, not a long drawn out time. So I'm thinking, what you can get for something Locally, and Now. Like a garage sale.