sport memoribilia, are they assest?

[ejny65]

I keep reading the posts and questions comes to my mind. Do trustees come home and search? are my sons spots autographs and sign jeresys assets???

[ameliabedilia]

In most states anything belonging to children can be exempted. Trustees do not do home searches. You can also claim and exempt them. You can do an ebay check to see what they are going for to figure out the value.

[genseeker]

unless it was something very rare and valuable, like a Mickey Mantle rookie card, I doubt you have anything to worry about. My mom had a doll collection when they filed a BK13 and she did not have to give up any of it. She had at least 100-150 dolls but most were only worth under $50 each. She had 1 worth well over $200 but had documented proof it was a family heirloom (belonged to her great aunt) and in NC, you could exempt documented heirloom. They were also able to exempt some furniture that belonged to her grandparents and great grandparents. It wasn't in BK exemptions, some other exemption in NC that doesn't get used much. Their atty said it was hard to prove items were heirlooms usually which is why that doesn't get used very often. Their atty was also a trustee and they filed old laws.

[rivercityatty]

I keep reading the posts and questions comes to my mind. Do trustees come home and search? are my sons spots autographs and sign jeresys assets???

Sport card collections and other memorabilia certainly are an asset. They must be declared on the BK asset schedule and debtors should have a basis for their valuation. If there is no supporting documentation with the petition or it is deficient, the trustee is likely to require you provide a detailed inventory of the cards with the values you are claiming. The trustee may seek an appraisal if they suspect the values are not realistic.

I am always concerned when I see people worried that the trustee will come to their home and "search." It implies that you do not intend to disclose everything and the search would turn up these assets. The best advice is to disclose, disclose, disclose -- and don't omit anything! Then you don't need to worry about what the trustee does. =)

[HHM]

The real key, is whether the memorabilia has any real value, i.e. in excess of $1,000.

If the memorabilia, by it self, is worth less than a $1,000, you probably do not need to itemize it as it will fall under normal household exemptions.

Some states do have specific exemptions, albeit, limited for this type of stuff.

As for the child/adult distinction...that gets a little tricky, in that in the economic sphere, a child is not considered a separate economic entity from their parents. So saying that something belongs to your "child" and therefore is not an asset of the BK is pushing the limits of acceptability.

But, trustees rarely, if ever come to a persons house to inventory...although they have the legal right to do so. The only time I have seen it done is if the debtor operated a business, the business failed, and the debtor moved the business assets to their home.

[PaKettle]

Ask your attorney about the memorabilia, and see what he/she says. Perhaps you can exempt them. Remember that if you can exempt them, use their trade-in cash value not what they are "worth" if you can find someone to pay the highest price they "might" be worth.

[lrprn]

If you didn't buy the memorabilia with credit cards and there are no easily obtained records that show you own them, I would just "forget" to list them. But that's me. Especially if they aren't work more than a few grand and are your childrens'.

Pa, a reminder that here in the forums, our rules clearly state that we do not recommend to any debtor that they skirt the law. "Forgetting to list" potential assets clearly advises the OP to skirt the law. Please do not post advice like this again.

If the sports memorabilia cannot be protected within the OP's state exemptions for household belongings, then they need to be listed as assets when the OP files. Only the OP's lawyer truly knows the right way to proceed in his state and local court.

[PaKettle]

Pa, a reminder that here in the forums, our rules clearly state that we do not recommend to any debtor that they skirt the law. "Forgetting to list" potential assets clearly advises the OP to skirt the law. Please do not post advice like this again.

If the sports memorabilia cannot be protected within the OP's state exemptions for household belongings, then they need to be listed as assets when the OP files. Only the OP's lawyer truly knows the right way to proceed in his state and local court.

Okay, lrprn. Sorry. I thought I had read similar advice here somewhere, but perhaps I was mistaken. Objection sustained. Statement will be withdrawn from the record.