Chapter 7--What are NOT exemptions?
Hello everyone,
I am new--been siteseeing for a couple for a couple of days, just joined today. We are considering Chapter 7 but may have to do Chapter 13 because of a small business.
I was wondering what types of assets and/or personal property is NOT exempt and have been lost in Chapter 7 bankruptcy's. I have found lots of information on what is exempt; however, I can't find anything that says what types of items and/or properties will be taken.
The only items I can think of that we have that they may consider taking are:
Firearms--we have some firearms that we would rather not lose. Reason being is that these guns were given to my husband by his grandfather(s) before they died and/or his father (still living). State exemptions read Personal property--appliances, furnishings, books, clothing, pets, muscal instruments, 1 firearm, familty portraits, and heirlooms to $500 per item-$5,000 total; Building materials; Burial plots; Health aids; Jewelry to $1,000; Motor vehicle to $3,000; 1 firearm up to $500. Any ideas if this means 1 firearm per person or per claim or does it mean 2 firearms since it is listed twice? Any ideas how we could keep these guns, I think we have 5-6 between the 2 of us.
Vehicles--recently (6 months ago) while my husband was laid off we suddenly had people giving us vehicles. All were old vehicles that didn't currently run and they were given with the intention that if my husband (a mechanic) could get them running we could do what we wanted with them or if not we could part them out and/or bury them on our property. One of the vehicles came with a title; however, I have not had the title changed over to our names yet because we didn't know if we were going to get it running or not. Three other vehicles were "lost titles"; 2 of which I got duplicate titles if my and the previous owners name and 1 I haven't done the paperwork on yet. I haven't check KBB yet but I am guessing none of them will blue book for over $1,000. Should I list all vehicles and correct blue book (if available) or just vehicles that have been transferred to my name?
Horses--State exemption states that pets are exempt; however, I couldn't find anything on horses and/or livestock. I have 4 horses that I couldn't possibly part with. The oldest horse was given to me by my father shortly before he died and she was a colt from the horse I grew up riding. The other 3 are her babies. I consider them to more like pets and/or children that 'livestock'. None of them are registered and the oldest (23 years old) is the only one that is currently broke and rideable. Any ideas on if these would be taken during a Chapter 7? Any ideas on how we could keep these from being taken?
Sorry so long but I tried to include all possible facts that may need to be considered. Thanks for any advice.
Paula
I am new--been siteseeing for a couple for a couple of days, just joined today. We are considering Chapter 7 but may have to do Chapter 13 because of a small business.
I was wondering what types of assets and/or personal property is NOT exempt and have been lost in Chapter 7 bankruptcy's. I have found lots of information on what is exempt; however, I can't find anything that says what types of items and/or properties will be taken.
The only items I can think of that we have that they may consider taking are:
Firearms--we have some firearms that we would rather not lose. Reason being is that these guns were given to my husband by his grandfather(s) before they died and/or his father (still living). State exemptions read Personal property--appliances, furnishings, books, clothing, pets, muscal instruments, 1 firearm, familty portraits, and heirlooms to $500 per item-$5,000 total; Building materials; Burial plots; Health aids; Jewelry to $1,000; Motor vehicle to $3,000; 1 firearm up to $500. Any ideas if this means 1 firearm per person or per claim or does it mean 2 firearms since it is listed twice? Any ideas how we could keep these guns, I think we have 5-6 between the 2 of us.
Vehicles--recently (6 months ago) while my husband was laid off we suddenly had people giving us vehicles. All were old vehicles that didn't currently run and they were given with the intention that if my husband (a mechanic) could get them running we could do what we wanted with them or if not we could part them out and/or bury them on our property. One of the vehicles came with a title; however, I have not had the title changed over to our names yet because we didn't know if we were going to get it running or not. Three other vehicles were "lost titles"; 2 of which I got duplicate titles if my and the previous owners name and 1 I haven't done the paperwork on yet. I haven't check KBB yet but I am guessing none of them will blue book for over $1,000. Should I list all vehicles and correct blue book (if available) or just vehicles that have been transferred to my name?
Horses--State exemption states that pets are exempt; however, I couldn't find anything on horses and/or livestock. I have 4 horses that I couldn't possibly part with. The oldest horse was given to me by my father shortly before he died and she was a colt from the horse I grew up riding. The other 3 are her babies. I consider them to more like pets and/or children that 'livestock'. None of them are registered and the oldest (23 years old) is the only one that is currently broke and rideable. Any ideas on if these would be taken during a Chapter 7? Any ideas on how we could keep these from being taken?
Sorry so long but I tried to include all possible facts that may need to be considered. Thanks for any advice.
Paula