How much do you induldge to your lawyer?

[jaded]

I have the second meeting with my lawyer next week to go over my "homework", basiclly everyone I owe money to. And I often wonder how much can I tell this man? I mean like for an example I have a quarter collection from my grandfather before he passed, do I induldge that yes I do have it but Im not giving it up or just not say anything? I know its only a quarter collection, but I also have larger items I wish not to give up...

Another question, I have about 10 medical bills not on my credit report and couldnt tell you if I paid them or not (probably not) do I contact them to find out or just include them?

[FilingOnMyOwn]

Include everything, and pull all 3 of your credit reports to be thorough. You are supposed to be honest when you submit your filing, and your attorney cannot advise you to do otherwise. So when you include something like a coin collection, you would be using a street value, or garage sale value. Not the value the collection would bring in a coin or collectible store sold at retail. Same with all your other items. Many people have been able to keep things over the exemptions, given the trustee is not interested in the items.

[anonymuse]

The one thing I'm scared to lose is my grandmother's wedding ring since I'm supposed to pass it down. I've gotten different responses from lawyers on how to value it--some say get it appraised and others say ask what a pawn shop would give you. There's special things we want to keep, but you list them and hope for the best.

[FilingOnMyOwn]

I would use the pawn shop value. The trustee would never get the appraised value for it by the time its all said and done.

[SinkingFast]

An appraised value on jewelry and coin collections is more of an insurance replacement value than a FMV. Appraisers kinda allow pad with the thought being you are not gonna get another appraisal for a while.

Market values fluctuate in collections coins. What's hot today, may be "yawn" passe tomorrow. Quarters are niche market. Your collection will only be of interest to a coin seller or a quarter collector.

Check out Pawn Shops to see what you'd be offered. You might watch the paper for sales where there are gonna be coins at auction or estate sales. Visit a few and see what's being asked there. Compare that to what you find people selling collections for at yard sales and such. Look in the phone book or on the Net for a local Coin and Paper Money Club. Many have monthly or semi monthly get togethers where people can buy and sell. You could take your collection there and see what it would fetch.

On the gotta ding the value side,.........

Much of a coins value is based on condition. If you're talking coins pulled from circulation, they may have significant wear that can really reduce their value. Bag marks are one thing. Gouges and surfaces worn flat from being handled is totally different.

Semantics can mean a great deal on value too. An imported, antique Chinese desk. Or, an old wooden desk.

A "Collection" of quarters tends to sell for more than each individual coin would standing alone. So maybe instead of saying a "Quarter Collection" you can say you have a bunch or a bag of old quarters.

[aa06a47]

I would just use the face value of the quarters and report it as "cash" on hand. I bet those quarters wouldn't buy anymore coffee from the coffee machines than the 2006 quarters I have in my pockets.

I would recommend that the larger items...use yard sale values. When you put them down, I wouldn't use words like "antique" or "collection". Those are words trustee's see as "$".

[krobin02]

For you grandmother's ring... does your state have a wild card exemption? I know Ohio and some others do. You could use that to protect it.

[debtisbad]

Anon,

put that ring in a box under your bed and forget about it. It doesn't exist! Just do not wear it and you will be fine!

[anonymuse]

No wildcard exemption, but we have $1000 for jewelry.

[JeepMom]

[anonymuse]

Anon,

put that ring in a box under your bed and forget about it. It doesn't exist! Just do not wear it and you will be fine!

I'm not wearing it today since my hands are swollen and I feel so NAKED! LOL But it will be worth it going into the 341 hearing. It's from the 1930's--nothing big or fancy--but it is on my insurance policy for the appraised value of $1000.

Onto the coin discussion here, I've got about 100 CDs from one artist that are all imports from UK, Japan, AUS, etc. To the trustee, I guess they are just CDs--he/she wouldn't know the difference. Besides, I'm selling them on eBay right now to try to get my money for the lawyer (thank goodness for CD burners--I'll still have the music) so I probably won't have most of them before I file. To the right person, they're worth $15-30 each (a couple up to $100), but to a trustee they'd probably be $2 each. I've got old magazines and tour programs that are of sentimental value to the right person, but you'd never get anything for at a garage sale.

[djk]

line 5 of schedule B personal property is where you meet the truth. it is up to you, but you do sign the petition. on mine I put misc coins with face value. my trustee did not question it. The trustee you are given is probably the most important thing in your bankruptcy and you have no control over that at all.

[jaded]

Okay, thanks everyone...I just wondered, I have not got that far yet with my case but I wondered if everything meant things like that also...so thanks for the info

[FilingOnMyOwn]

Insurance values are inflated to account for well, inflation. Don't use the insurance value. Its clearly stated by many, to use a 'street sale' value, or curb value, aka garage sale, etc.