Trustee finding out.

[cool33097]

Can the Trustee find out something that you don't list?? I have a Nikon D200 camera and I have insurance on (have not filed yet but will next month) and I don't want to list because I can not afford to buy back if needed. Can he find ot about??

[TabulaRasa]

It's the government. They probably know how many pairs of socks you own right at this moment.

[Cali]

I am sure they could, especially since you have insurance on it.

[epiphany]

Can the Trustee find out something that you don't list?? I have a Nikon D200 camera and I have insurance on (have not filed yet but will next month) and I don't want to list because I can not afford to buy back if needed. Can he find ot about??

No one can answer that question. There is always the possibility (I am assuming you are still paying on it) that the trustee will find out and that your case could be dismissed. So, you need to decide if that risk is worth taking. I would think not.

EP

[FreshLikeADaisy]

Cool, Epiphany is exacly right. Whether he can or cannot, the cost of the camera is *minimal* compared to the cost of having your case dismissed for fraud, and possibly facing federal fraud charges to boot. What you do instead is use your state's wildcard or personal property exemption to keep the camera.

FWIW, my trustee specifically asked me for the declaration page of every insurance policy I own, in addition to all the bank records and everything else he wanted. Just so you know. If you don't list it as an asset and exempt it, but then you have to hand over the insurance declaration page for it, oh my. You'll be sweating like a pimp in a church pew, and that's BEFORE the fiery sermon. Please don't do it.

[Lindsay]

You'll be sweating like a pimp in a church pew, and that's BEFORE the fiery sermon. Please don't do it.

OMG, that is so hilarious, Daisy!

[HHM]

Although I advocate being in compliance with the law, the odds of the trustee finding out are quite slim.

[yoyoma51]

I agree with HHM.

We have a two year old higher-end digital camcorder that we forgot (really, we did) to list.

Doesn't seem to be an issue.

Also, even if it became an issue, it would still be covered under exemptions based on current used value.

If it would be exempt anyway, I would think fraud would be a hard case to prove. It was an honest mistake.

[MajorMike]

It's a $1500 camera new.....why do you have insurance? Are you making payments on it?
That low amount of money is definitely not worth it...but we're lucky because our trustee has so many cases, I doubt he'd spend his day trying to find out all the assets of the tens of thousands that file.

[Flamingo]

Cool, Epiphany is exacly right. Whether he can or cannot, the cost of the camera is *minimal* compared to the cost of having your case dismissed for fraud, and possibly facing federal fraud charges to boot. What you do instead is use your state's wildcard or personal property exemption to keep the camera.

FWIW, my trustee specifically asked me for the declaration page of every insurance policy I own, in addition to all the bank records and everything else he wanted. Just so you know. If you don't list it as an asset and exempt it, but then you have to hand over the insurance declaration page for it, oh my. You'll be sweating like a pimp in a church pew, and that's BEFORE the fiery sermon. Please don't do it.

I LOVE your last sentence - LOL! And I totally agree with you. When we all go through the period prior to filing and going through the lists upon lists of items and things we have to put on those lists, not only does it get overwhelming, it gets confusing and we really don't know what to list even with all the instructions provided. If you have something you are confused about listing, list it. Whether or not they can find out about it doesn't matter cause if they really want to find out about it, they can. The risk of fraud is not worth it, at least to me. We had a small bass boat in our back yard that my husband never used for years but it was worth at least $1,000 if we sold it. We listed it to be on the safe side and we found out it was exempt but at least we didn't sit in fear of not listing it. And I am amazed that Fresh's Trustee asked for the insurance declaration page. Goes to show you how much Trustees vary in their requests so you just never know and have to be prepared cause you just don't know what you will be asked for.

When seriously in doubt about an item, and I am directing this at the OP or anyone else thinking of filing or in the process of filing, always ask your attorney inasmuch as no one knows your situation and case better than your attorney.

[Cali]

Although I advocate being in compliance with the law, the odds of the trustee finding out are quite slim.

My thoughts as well.

[HHM]

Chapter 7 trustees go after BIG or EASY assets. They are not interested in misc consumer goods (although that is a very nice camera). Big assets=cars and homes; easy assets=tax refund and or misc non-exempt cash.

Since there is no ready after market for consumer goods, trustees don't normally make an issue of those items.

[325Falcon]

The camera is maybe worth $200 the trustee does not want it. I on the other hand will give you $50 for it!

[almost]

When did you buy it. That could be the real issue. if you bought it with a card that you are BK-ing and you bought it with in the 90 days prior to BK and if they find out, that could be a problem for you. Can you exempt it.

[PaKettle]

If you own it outright, didn't buy it within the past 6 months with a credit card, then the chances of the Trustee taking an interest in it are probably minimal.
On the other hand, if you list it, chances are that won't matter, either.
I'd list it. Worst case scenario, you buy it back at used prices.