Question What are assets?

[Quadj]

Hi,

I have so many questions.
I've searched the forum and didn't come up with anything about this but maybe I wasn't searching correctly so if this is not appropriate then please delete or disregard.

We are thinking of going 7 as I have been out of work for over two years and we are just about out of money. So far we are not behind on any payments to any creditors.

Anyway........

My question.
We have two college kids living at home. They have lots of stuff, TVs, radios, game systems, jewelry, collectibles etc that they have paid for but have no receipts. How do we prove that stuff belongs to them and not us?

We also have paid via our credit cards for a great deal of things that are theirs like laptops and other high priced items. The way we did this was that they gave us the cash and we then bought the item. How do we allow them to keep these things and not have them included in any asset assessment? Is it even possible?

We are honest folks and are not trying to hide anything but we are very concerned that the kids will lose things they rightly purchased because of our financial woes.

Any advice?

Thanks,
Jon

[scorpion35]

Hi,

I have so many questions.
I've searched the forum and didn't come up with anything about this but maybe I wasn't searching correctly so if this is not appropriate then please delete or disregard.

We are thinking of going 7 as I have been out of work for over two years and we are just about out of money. So far we are not behind on any payments to any creditors.

Anyway........

My question.
We have two college kids living at home. They have lots of stuff, TVs, radios, game systems, jewelry, collectibles etc that they have paid for but have no receipts. How do we prove that stuff belongs to them and not us?

We also have paid via our credit cards for a great deal of things that are theirs like laptops and other high priced items. The way we did this was that they gave us the cash and we then bought the item. How do we allow them to keep these things and not have them included in any asset assessment? Is it even possible?

We are honest folks and are not trying to hide anything but we are very concerned that the kids will lose things they rightly purchased because of our financial woes.

Any advice?

Thanks,
Jon

as far as i know EVERYTHING has to be accounted for and given a $ value
if the total value of your personal items is over a certain amount (exemptions amount for your state/county) the trustee can either take it or most likely let u buy it back from him
thats what i think but I AM NO EXPERT