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About losing items claimed as an exemption

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  • About losing items claimed as an exemption

    I live in Washington State and the exemptions are something like $1000 for clothes, $2500 for a car and $2700 for household goods just to mention a few. Ok, so what if a person is $1000 to $2000 over on a certain exemption. I mean, creditors want money not old clothes or household goods. I was just wondering if anyone has knowledge of someone losing something because it was a little over the exemption? I mean the creditor would to pay someone to pick it up, store it, auction it off and then pay the debtor the state exemption on it correct?

  • #2
    You are probably 'over thinking' this.

    Florida, other than the homestead exemption laws, has very weak personal property exemptions. So we got to pay the trustee back for things like 'Hub's computers that he uses in his consulting work--(which is so sparse that he turned in his tax ID number)--a couple of guns, etc. Yes, we paid to get our 'stuff' back from the BK Estate, but none of this included clothes or household goods.

    ETA: I reread your post. Yes, you are definitely over-thinking this. Give 'yard sale' prices for your goods. I have been in thrift stores where 'Designer Items' such as a blouse or purse, might sell for as little as a quarter each. The best price I have seen them fetch is about $5.00.
    Last edited by AngelinaCat; 02-24-2011, 09:05 PM.
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

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    • #3
      Yes Dylan, you are certainly overthinking it and overpricing used stuff. Usually, no one wants your used clothes... unless it's a pair of Burberry jeans, and even then... they won't pay more than $5 for the pair. The only way you could have $3K worth of used clothes, is either you have 100 wardrobes (complete pants, shirt, shoes) or they are all designer.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog


      I am not an attorney. Any advice provided is not legal advice.

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      • #4
        Cat, I have never heard of anyone coming to your house to check the value of your estimated property, have you? The trustee can get a feel about what a person is claiming. Example, someone who lives in a 4000 sq ft house has more furniture than someone living in a single wide. ( clothes was just an example, sorry if i didn't write that too well, my 6th grade education is showing)

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        • #5
          In Florida, it's quite common for the Trustee to send a property appraiser. The reason why? This happens because Florida has very stingy personal property exemptions! If you keep your home (homestead), then you only get $1,000 for personal property! That means all your clothes, books, CD, DVDs, stereos, TVs, couch, sofa, loveseat, chairs, rugs, artwork, beds, dressers, kitchen utensils, refrigerator, stove, washer, dryer, EVERYTHING!!!

          So, if you file your petition and list only $1,000 in personal property, guess what's going to happen?

          (Note: it's $1,000 per debtor, so joint (married) debtors get $2,000 in personal property exemptions. If you don't claim a homestead -- by surrendering your home or not having one -- then you get an additional $4,000 wildcard per debtor. I had no homestead so I received a $5,000 wildcard.)
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

          Comment


          • #6
            Justbroke, that's crazy. Overyone would have to be over that 1000 bucks.

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            • #7
              Originally posted by DYLAN150 View Post
              Cat, I have never heard of anyone coming to your house to check the value of your estimated property, have you? The trustee can get a feel about what a person is claiming. Example, someone who lives in a 4000 sq ft house has more furniture than someone living in a single wide. ( clothes was just an example, sorry if i didn't write that too well, my 6th grade education is showing)
              Sorry, but something similar happens with regularity in the Tampa area, or so I have read from posters from that part of Florida....
              "To go bravely forward is to invite a miracle."

              "Worry is the darkroom where negatives are formed."

              Comment

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