Things you charged but don't have anymore

[deadbroke99]

Ok, for a few years my husband had a small home recording studio as a hobby. We charged the majority of it at different times and with different creditors. Some was on store credit and some was on Visa, Mastercard, etc. He would get tired of stuff fairly quickly and would sell on ebay or to friends and replace it with things he liked better. Since the store credit is most likely secured. When we file in March, how are we going to explain that we don't have the stuff anymore. He has scaled down his "hobby" since our credit cards are maxed and some of the stuff he has sold just to keep paying the bills until we quit paying all unsecureds in Dec. He has one account that is no payment for 12 months and we haven't paid anything on it as it won't come due till October but he no longer has that keyboard anymore that he charged. How should we handle this?

I am hoping the small equipment worth about $2,000 that he has left that we are able to exempt somewhere. We are in South Carolina and they just added a wildcard exemption and increased the household goods exemption. I am hoping since we are filing together our exemptions can be doubled. Thanks!

[BKParalegal]

If you don't have the item any longer, just make sure you listed it in the SOFA, that you sold it, and when the credit card company calls your attorney about getting the stuff back, he/she will let them know the item is no longer in your possession. Case Closed.

And yes $2k of equipment most likely can find a home in your exemptions, and remember it is not retail value but garage sale value. If he ever treated his recording studio as a business than he can use the tools of trade exemption which can be quite a lot in some districts.

Good Luck

[deadbroke99]

If you don't have the item any longer, just make sure you listed it in the SOFA, that you sold it, and when the credit card company calls your attorney about getting the stuff back, he/she will let them know the item is no longer in your possession. Case Closed.

And yes $2k of equipment most likely can find a home in your exemptions, and remember it is not retail value but garage sale value. If he ever treated his recording studio as a business than he can use the tools of trade exemption which can be quite a lot in some districts.

Good Luck

He made $100 once for letting someone record something. That's the only money he has ever made and we didn't claim it on our taxes. It's just his hobby which he just messes around with it for fun. Thanks for the reply.