personal belongings?

[trimguy35]

First of all , i would like to say i am amazed there is a message board just
for bankruptcy!! , i have been going crazy over the last year, not having
anybody to talk to about this! , until just today when i found this site....
But at any rate.. i have decided to at least meet an attorney tommorow
about filing chapter 7 in ohio, the main thing that is driving me nuts is..
from what i gather is i should be able to keep my home, and new truck
as long as i am current on payment, but what about personal belongings
such as antiques,musical instruments,stereo equipment, ect...,and i have
a bass boat worth about 5,000 , will i be able to keep it?, will the trustee
actually come to my home?, if they do? can i move the stuff somewhere else
and title my boat in somebody elses name?,
The reason i am looking into this is... i have about 12,000 dollars in unsecured
credit card debt i have had for about five years, that i had been bouncing
around from one to another until last year my girlfriend moved out, the
payments became late, and the high interest rates are killing me now,and i
am getting behind on child support, and irs taxes, i figure if i can get rid of my cc bills, i can stay up with taxes and such... i would appreciate any
info??

[hhou812hh]

Here's a list of your state's exemptions. Anything non exempt (probably your boat) you will have to surrender or work out a payment plan on it with the trustee.



Bankruptcy Exemptions or Assets that can be kept in a Bankruptcy
A debtor generally may claim exemption of certain real or personal property from execution of a judgment against him or in a bankruptcy proceeding. In a case where the judgment was for money owed for health care services or supplies, the debtor or his family may claim exemption of:

one parcel or item of real or personal property that he or his family uses as a residence. (O.R.C. 2329.66(A)(1)(a).) In all other judgments, a debtor may claim exemption of his interest, up to five thousand dollars ($5,000.00) in one parcel or item of real or personal property that he or his family uses as a residence,
one thousand dollars ($1,000.00) in one automobile,
four hundred dollars ($400.00) in cash,
Cooking unit and refridgerator maximun of $300 each, total = $600;
Death benefits from a benevolent society, $5,000;
Personal injury awards, $5,000;
If claiming homestead, household goods and furnishings maximum of $200 each, total = $1,500;
If not claiming homestead, household goods and furnishings maximum of $200 each, total = $2,000;
Jewelery, if claiming homestead, $1,500;
Jewelery, if not claiming homestead, $2,000;
Tools of trade, $750;
Wild card, personal property, $400.

[hhou812hh]

I just re-read your post and as for this DON'T DO IT!!! You can sell it for market value to an associate and since we are nearing the deadline you may have to hand over some or all of the proceeds to the trustee for distribution to creditors. Just don't hide or transfer anything since it is a serious crime.



a bass boat worth about 5,000 , will i be able to keep it?, will the trustee
actually come to my home?, if they do? can i move the stuff somewhere else
and title my boat in somebody elses name?,

[Miyamoto]

First of all , i would like to say i am amazed there is a message board just for bankruptcy!! , i have been going crazy over the last year, not having anybody to talk to about this! , until just today when i found this site....

Actually there are a few boards out there and it really is great they all exist. This isn't a topic most people feel comfortable discussing with friends and family so it gives us all a space to ask questions or help out when others are asking. I think it also helps since others are more willing to get into the details of their debts and finances which not many people seem willing to do with someone they know.

will the trustee actually come to my home?, if they do? can i move the stuff somewhere else and title my boat in somebody elses name?,

I asked my lawyer that question and asked on another forum also and was told that it is very rare, unless they have a feeling you are hiding something. I definately wouldn't recommend trying to move or hide anything from the trustee as you are filing under the penalty of perjury and the penalties are stiff. Also if you retitle the boat you are required to disclose that and they can find out if you don't do so. It's not worth getting your case thrown out and risking jail time/fines. If there is something you really want to keep that you are unable to cover with exemptions it would be worth your time to see if someone could help you out by offering the trustee some money for it. You might even be able to get it for a little below market value since the trustee is saved the hassle of trying to dispose of the property. I'm not sure how good it would look if you offered to buy it yourself though as it would probably draw extra scrutiny to your finances. Good luck and keep us updated.