What Will The Creditors Take ??

[fncbj]

I want to file Chapter 7 I have to list all my belongings Including Clothing? Is there a value of something that they go by ? THANKS SO MUCH This is so stressful

[SinkingFast]

You don't have to list clothing items specifically. Unless you have a fur coat, or Prada shoes, or and Armani suit. Clothing get's lumped together and generally there's an amount for your area that's acceptable. Your attny will know what to write down.

Same thing with kitchen goods. Dishes, pots, pans, etc, don't have be broken out and listed seperate.

Many attnys won't even break down and list sofa, loveseat, recliner chair, 2 end tables, etc. Generally they just say "Household Goods" and list a value. Again, that's area dependent. Attnys know, in their area, the average household is worth about $X.

You are required by law to list any collectibles, hobby equipment, books, and a few other items. CD's and DVD's were one.

Do you live in an "opt out" State? That will have some effect on what you do and do not have to inventory. Our State is an "opt out" State. We cannot use Federal Exemptions. So our attny just had us inventory items in the common use areas and our bedroom. The kids' rooms and things were the kids'. Federal, you have to list your kids things too.

If you want to get an idea of values attnys use in your area, you can look at other people's cases on PACER.

[anonymuse]

Use ebay, garage sales, goodwill, etc to find the values of items.

[bkadv]

Trustees look more closely at things which are easily liquidated, quick cash items. We lost our tax return. Others we know have lost almost nothing. Don't worry too much yet.