asset question

[crashzx]

The lawyers wanted me to get an asset list together. It is kinda scary. How do they really know what you have?? If there is no paper trail to proove that you have them then its your word against theres right?? Do they come in your house and go through it?? There has got to be a way to massage the system in our favor.

Dont get me wrong...i dont have a 30,000 car or motorbike or a 300,000 house. I am pretty low class with a 3600 truck that my wife uses for transportation (work and taking kids) and a 2500 motorbike that I use when not at work. My work vehicle has a gps tracker and is ONLY for work. Been layed off once and dont feel secure anymore so if it happens again i will be screwed if they take it.

I am so stresseed I need to talk to a lawyer bad. Am I ranting to much?? I know I am freaking out. Sorry

[justbroke]

They don't know what's in your house, but for other personal property (house, car, motorboat, etc) those are registered or "recorded" with a State agency.

There have been occasions where a Trustee doesn't trust the Debtor's valuation of their property inside their home, so send an appraiser to the home for an inspection!

[crashzx]

They don't know what's in your house, but for other personal property (house, car, motorboat, etc) those are registered or "recorded" with a State agency.

There have been occasions where a Trustee doesn't trust the Debtor's valuation of their property inside their home, so send an appraiser to the home for an inspection!

I understand about the "paper trail" deal. If it is registered they will know it. Thats why I am grasping at straws here to try and think of something. Could I not put a lein on it?? Maybe go to title max or a freind maybe. I do owe a couple of my freinds. I did crash it in Dec last year. Still have all the damaged parts. You all may not understand how fast I can convert the thing into a pile of twisted metal and plastic. I realy know they would not be able to tell. If they still wanted it they could have it then. In fact I will work on that this weekend and knock it out anyway.

[crashzx]

No shit all the furniture in our house I bet we could not get 3-500 dollars for. It is all second hand and not in good shape. My kids are 20,15 and 9. I was planing to go through when they got out and get some nice stuff then. The only nice stuff we have is owed money on. Like I said I am in the poor class.

[lookingforward]

Crashzx, calm down. Seriously, calm down. It is not that big of a deal.
Talk to your atty. My atty told me he lists pretty much the same household assets for everyone. Call your atty and ask. It will help calm you down. We all understand that you can get completely freaked out, but the process doesn't have to hospitalize you with a nervous breakdown. Your atty will find a way to exempt most of what you are worrying about. The trustee doesn't want to take away your only way to get to work. Call your atty and ask, put your mind to rest. It will be OK.

[justbroke]

I didn't understand crashzx's frustration and I started talking about audits. crashzx, you don't have too much to worry about. usually, your attorney can exempt everything. Very very few Chapter 7 cases are asset cases (non-exempt items), so don't worry at this point. Work with your attorney.

[crashzx]

I am getting better yall. Please be patiant with me. I am so sorry for the ranting but I am getting it from all angles...wife freaking out, freinds, work, ect. I just want to blow up sometimes. This is a major frustrating deal that I know nothing about. Just trying to learn. I have been spending ALOT of time praying and it is helping. I am almost dome with my lawyer info packet. I also got some words of encouragment about the one I am thinking of using, that helped a little too.

But yes....I am trying to calm down. I appoligize to anyone if i have been offensive.

[southernbelle]

Crashzx, most chapter 7 cases are not asset cases and no one will come to your home. My atty told me to make a list of items (like items grouped together like furniture, clothing, pots/dishes) and using garage sale prices list what you could get for that stuff. Don't overestimate what your stuff is worth because it's used and you want to list what you could get for it second hand which probably isn't much (find out what the exemptions are for your state and use that as a guide). Also, go to craigslist, KBB.org, or check private sale prices for comparables of your vehicles.

Trust me the Trustee has WAY too many other cases to visit peoples homes and just wants to make sure you don't have an asset with substantial value hidden away somewhere. Just be honest but fair and do some research online to backup your vehicle values and when you make your list it will really calm you down because you will see on paper that your stuff really isn't worth the trustee's time and effort.

To make you feel more at ease the only reason my case was an asset case is becasue I had a business with possible equipment the trustee through was worth something and a recent income tax refund that was ripe for the picking. If it wasn't for that, I doubt she would have given me a second look but even then it wasn't as bad as I thought it was going to be.

Things will get better, you'll see.

[lookingforward]

I am getting better yall. Please be patiant with me. I am so sorry for the ranting but I am getting it from all angles...wife freaking out, freinds, work, ect. I just want to blow up sometimes. This is a major frustrating deal that I know nothing about. Just trying to learn. I have been spending ALOT of time praying and it is helping. I am almost dome with my lawyer info packet. I also got some words of encouragment about the one I am thinking of using, that helped a little too.

But yes....I am trying to calm down. I appoligize to anyone if i have been offensive.

Of course you were not offensive!!!!!!!!

I can SO relate to your worries!!! I have generalized anxiety disorder, and if I can get through this, you can. Just to maybe set your mind at ease, my husband has a small business, he's a sole proprietor. The trustee did not want any of our equipment. We are a broker, so there wasn't that much of it, some pcs and some printers, a few more bits of equipment, but still, he didn't even mention it. They don't want to take away your means to make a living.

The "calm down, calm down" from my previous message was not meant like I don't want to hear it, it was out of concern. So seriously, calm down!!

Have you talked to your atty to ask about your exemptions? I think that will go a long way towards easing your mind.

And you are right on about the prayers. If He brings you to it, He can bring you through it.

[crashzx]

ok....just got done with my "list of assets". Damn...looks kinda depressing but I guess thats what I want right? I listed the bike as 1500 and need mech repairs. That should be fine right? The only thing I am wondering about are my daughters musical instruments. There is no paper trail connecting them to us. My father has been in the music buissness for 70 years and got her the stuff. Baldwin upright piano, yamaha elect keyboard, fender elect acustic guitar. No amp....wont let her have one. She is VERY gifted by the way. Should I leave them out?? My wife said yes.

I also listed my tools as 2 paint guns and assorted mech tool with box. I also put the bike lift on there as well. It sure will suck crawling around on the floor again to work on bikes.

[justbroke]

Should I leave them out?? My wife said yes.

Ummm... are they yours (the household's)? If so, you include them. I don't know what exemptions you have, so I don't know if they would be exempted. Pianos, upright or not, can have a lot of value.

I also listed my tools as 2 paint guns and assorted mech tool with box. I also put the bike lift on there as well. It sure will suck crawling around on the floor again to work on bikes.

If tools of the trade are exempt, your lawyer will exempt all this stuff.

[crashzx]

On another note....i have no 401...used it last year during lay-off to try and pay bills

Have no stocks...cashed them in last year to do same

As far as jewls and furs...come on now I found this amusing, I am not freakin hollywood material here. My wife is a country girl and does not have any

I have no savings acct and my average balance in my chkg is about 5 bucks.

[crashzx]

[QUOTE=justbroke;325767]Ummm... are they yours (the household's)? If so, you include them. I don't know what exemptions you have, so I don't know if they would be exempted. Pianos, upright or not, can have a lot of value.

Oh good greif..... my dad paid 200 bucks for it and repaired and tuned it. It will go to his house for the duration then. I will include the elct keyboard.

[justbroke]

Oh good greif..... my dad paid 200 bucks for it and repaired and tuned it. It will go to his house for the duration then. I will include the elct keyboard.

Then it's worth $200 or less. Do you know what exemptions your have for your State?

[crashzx]

Then it's worth $200 or less. Do you know what exemptions your have for your State?

What piano????? It will be at dads in an hour.