OK to sell possessions during chapter 7 case?

[McMark]

We filed our chapter 7 September 29, 341 is set for November 8th. We opted to surrender the house, for which the bank has offered to do a DIL instead of a foreclosure. So far so good, however, our attorney has stipulated that we will be out of the house by January 31st.

So, here is where my question comes in. Currently pacer shows us as no asset case. We really don't want to move all this junk here, as we will be moving cross country, plus need to raise some funds to get the moving truck and all. Is it safe to assume no asset means we can sell off this stuff at a rummage sale now? As winter is upon us, we would need to do this in the next couple weeks, before the snow flies.

Any advice, thoughts on the matter?

Thanks Y'all

[Pandora]

Yes - call your attorney and ask him/her since you havent had your 341 yet. Better to err on the side of caution ;)

[justbroke]

Yes, err on the side of caution. The Trustee "might" have some objections to some of your exemptions, and until the 341 Meeting you won't know that. I would personally wait and especially talk to your attorney first.

[tobee43]

i agree with pandora....just give your atty a heads up....shoot we had to sell everything...to pay our atty and also to keep a roof over our heads..i even sold my clothes...really.

[McMark]

The only things we exempted were the 2 vehicles, one of which we need to reaffirm on, the other is paid for but only worth about $3000, and the household/personal items. We just want to get rid of some of the larger things, like a chest freezer, excercise bench, table and chairs...and then some smaller things and some old clothes. Personally, I don't think anything is really worth much, but you never know. I threw an old queen size mattress out by the road, and five minutes later it was gone, so I guess that had value to someone.

OK, we will have to check with the attorney then. Thanks for the input.

[AngelinaCatHub]

i agree with pandora....just give your atty a heads up....shoot we had to sell everything...to pay our atty and also to keep a roof over our heads..i even sold my clothes...really.

Tobee, your making an old man's mind wander. What are you wearing now? LOL.

Back to the question: The stuff belongs to the estate 100% technically. Because you are now a non asset case does not mean this cannot change. Your Trustee owns your stuff until he either abandons it, or you get a discharge or dismissal.

I have heard those who will have a yard sale for yard sale monies and if you use this money for exempt stuff, the Trustee would probably not make any issue. If you sold an antique or car for big bucks that would be different but a yard/garage sale netting you several hundred dollars would get you by. However, I certainly would not do it before a 341 as one of the main questions asked is "has anything changed since you filed" and of course it would have. Best bet as all have said, is run it by your lawyer. He will probably say, have your sale after your 341. I would keep all receipts and a sales journal though just in case. 'Hub

[Pandora]

Tobee, your making an old man's mind wander. What are you wearing now? LOL.

LOL! tsk tsk 'Hub ...getchermindouttathegutter

[tobee43]

Tobee, your making an old man's mind wander. What are you wearing now? LOL.

Back to the question: The stuff belongs to the estate 100% technically. Because you are now a non asset case does not mean this cannot change. Your Trustee owns your stuff until he either abandons it, or you get a discharge or dismissal.

I have heard those who will have a yard sale for yard sale monies and if you use this money for exempt stuff, the Trustee would probably not make any issue. If you sold an antique or car for big bucks that would be different but a yard/garage sale netting you several hundred dollars would get you by. However, I certainly would not do it before a 341 as one of the main questions asked is "has anything changed since you filed" and of course it would have. Best bet as all have said, is run it by your lawyer. He will probably say, have your sale after your 341. I would keep all receipts and a sales journal though just in case. 'Hub

ROFL!!!! i'm definitely NOT telling you!!!! (i'm still in my cute pj's) AND i'm telling AngelinaCat!!!!!!!!!! you naughty!


and back to business....i agree with hub..... if you sold a car...it's a bit different that some old clothes...at a yard sale.

[tobee43]

LOL! tsk tsk 'Hub ...getchermindouttathegutter

i think we need to keep an "eye" on hub...

[AngelinaCatHub]

i think we need to keep an "eye" on hub...

Oh don't worry, Mrs. C does a fine job of that, and she has a "mean" swing.

[tobee43]

Oh don't worry, Mrs. C does a fine job of that, and she has a "mean" swing.

oh!! i'm certain she does...;)

[dspii]

So, here is where my question comes in. Currently pacer shows us as no asset case. We really don't want to move all this junk here, as we will be moving cross country, plus need to raise some funds to get the moving truck and all. Is it safe to assume no asset means we can sell off this stuff at a rummage sale now? As winter is upon us, we would need to do this in the next couple weeks, before the snow flies.

Any advice, thoughts on the matter?

Thanks Y'all

As all said, you need to wait until your 341. If the trustee see's you as a no asset, they will file a report of no distribution and will abandon your assets, meaning you can do what you want with them. Until that point, your assets belong to the estate. Likely no one would care if you sold some stuff, but it's better to be on the side of caution as it could be an issue....talk to your lawyer.

[Fallonedward]

Dang, Tobee, I did not realize that you had to see your clothes, wow, so sorry

i agree with pandora....just give your atty a heads up....shoot we had to sell everything...to pay our atty and also to keep a roof over our heads..i even sold my clothes...really.

[tobee43]

Dang, Tobee, I did not realize that you had to see your clothes, wow, so sorry

fallon...all kidding aside..i did. we had to sell everything we had to make the move. it was really humbling. talk about losing the clothes off you back...well let's just say we took that expression to a whole new level.

[drowning123]

i think we need to keep an "eye" on hub...

Yea, the good eye.