A couple basic bk questions

[amynrich]

Hi all... I have another couple of basic bankruptcy questions that i'm confused on.

1. How does the court (trustee?) know everything we have? Do they just trust what we list as assests or does someone visit our home? We don't plan on leaving anything out, but I also wouldn't want to miss something accidently and have it come back and bite me in the butt later if someone has to inventory our stuff.

2. Who decides if we get to reaffirm a car? We owe more than it's probably worth (by about $1000), but we need it.

[amynrich]

Okay... got the answer to #2, but what about the first question... does anyone know?

[HRx]

1). The trustee knows what you have, because you are supposed to list them on your petition. Don't worry about the trustee going to home and conducting some sort of inventory of your assets.

-Todd

[amynrich]

Phew! We are certainly planning on listing everything, but I didn't want to have forgotten something and be in trouble for it if they did an inventory!

Thanks!

[robivi3]

Do not be generous as to the value of your items. Bottom dollar garage sale value.

[amynrich]

~laughs~ That's about all any of our stuff is worth anyway... even being generous!

[EdytaHome]

Honestly, I think even though you may have fairly nice stuff, if these things would be sold at a garage sale, they would end up having little $ worth. I agree with robivi3, don't over estimate!

[robivi3]

I'm not joking. he will drag you through the coals for a little (to him, not us)$$$$$$!

[amynrich]

Oh don't worry, I won't overestimate... we seriously don't have anything nice anyway, and the most expensive stuff we do have isn't worth more than $75, and that's a computer! (it's a piece of crap!) We're borrowing our bed, dining room table, and TV stand from a friend while he's in Korea on business, and we rent our couch... so, nothing expensive or even close.