Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Buying Exempt Items With Cash

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Buying Exempt Items With Cash

    I am waiting for foreclosure to file chapter 7. I have no assets and SS and ERISA pension income with an upside down house I am planning to surrender.


    My TV quit working and I bought a new TV with cash.

    A friend who knows my situation thought I may need to change the information I gave the attorney because the old TV had little value and the new one has a new item value. My question is; if I paid cash as I did how would anyone know? Secondly as I have not filed yet and did not use a CC would it even matter?

    I am now going into my fourth month without making any mortgage, HOA, or CC payments. It is stressful and I think I am becoming a bit paranoid in the process.

  • #2
    Whether anyone would know is irrelevant. You must accurately list and value your assets on your petition, no matter how you paid for them. Otherwise, you will be committing perjury when you sign your petition. Tell your attorney about the new TV.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

    Comment


    • #3
      Since it possibly could be a year or two before you file, I don't think you have to rush to call your attorney. I suspect you will have to adjust a number of things before filing. I would just keep track of things, and make all your adjustments when it comes time to file. A $500 TV may not be worth much by the time you file anyway.

      Comment


      • #4
        Thanks for the posts.

        It has been almost 3 months since I spoke with the attorneys and filled out an asset sheet. From what I read I will need to fill out another when I do file.

        Also, since those first consultations 3 months ago I have sold almost all my furniture because I plan a cross country move. I was lucky to get $.10 on the dollar but I did get some money. When I finally do hire an attorney there will not be too much exempt property to claim. I realize I must claim my new tv plus whatever else is in my possession at the time of my filing.
        The money I got will go towards paying my attorney and some items I need for moving. Should I be concerned about the money I received for those sold items? All items where exempt. I have not filed yet nor have I hired an attorney.

        Comment


        • #5
          If you haven't hired an attorney yet, there is definitely no reason to update any attorney you've consulted with on changes in assets.

          You don't need to be concerned about items you sold as long as you didn't sell them to family members. You can tell the attorney you eventually hire about the sales, but it probably won't make any difference.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

          Comment


          • #6
            Let's not kid ourselves here. Unless you bought some fancy "whiz-bang" plasma TV, the moment you opened the box and plugged it in, it's worth $100 tops, if that. Ever tried to sell a used TV at a yard sale, or pawn shop? A CRT TV can't even be GIVEN away, and a moderately-sized LCD or LED would be lucky to go for $80 to $100. You should put YARD SALE VALUE or WHAT A PAWN SHOP WOULD GIVE YOU for the item--not what you paid for it new. There's nothing dishonest about that. You don't want the trustee to come after you for assets which really have negligible value, and would be exempt anyways.

            Comment


            • #7
              bcohen (first LOL!) you are so right. who gives a rats behind about a TV unless you added on a media room onto the house and had a movie theater! that's like saying in today's world if your stove broke down and you can no longer cook for your kids and you MUST replace it during the time you are filing must you list that purchase as an asset. while a TV may not be as essential, it's certainly not worth even a mention to anyone for any reason. i HATE when people attempt to intimidate people that are going through bk that they can't eat sleep or poop without telling their attys this is simply scare tactics and ridiculous. i understand many people get paranoid and are scared while going through this, but the reason you are even concerned is because you are honest, most likely to the bone. that is the key here, do not over think things and do not let people make you afraid and make you think because you chose to buy the more expensive toilet paper you need to report this to someone. really gets my goat!!
              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

              Comment


              • #8
                Nobody is trying to scare anyone. If you give the attorney who is going to file your petition information and that information changes, you should tell the attorney. Nothing scary about that. A petition should be accurate and an attorney can only prepare an accurate petition if he has up-to-date information.
                LadyInTheRed is in the black!
                Filed Chap 13 April 2010. Discharged May 2015.
                $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                Comment


                • #9
                  that wasn't directly at you personally lady, it is an opinion which i have seen as a pattern through out the years by some. i simply do not agree with the fact ones atty needs to know and examine ones daily life and report everything like a criminal while going through the process. i have seen this repeated advise by many on the forum and totally disagree with that type of advise. if one is totally honest that is all that matters and certain things are left well enough alone as in the scheme of the whole.

                  people going and living through a bk are under enough stress, guilt and many times so lost and scared to even buy food it needs to be put in proper perspective.
                  8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                  Comment


                  • #10
                    Thanks for all the posts.

                    bcohen,

                    In my case you hit the nail on the head. I sold most of my household exemptions because I will be moving cross country and hiring a mover was/is not practical. I was stunned at offers I had to take in order to sell them. Ballpark estimate would be about $.10 on a dollar. I paid $380 for the new tv and when I looked at a used comparable it asking price is around $100. If I used a local sales network, craigslist, or ebay my new tv is now worth $100 or B.O.

                    I talked to an attorney's assistant since I posted this thread and was told I will need to file a new disclosure simply because it has been three months since I filled out the first one. It is a good thing too as my of what I first listed is now sold.
                    (BTW, the money from those sale items will be used to buy moving items, (i.e., car top carrier), and to pay for my attorney.

                    I am now living the minimalist life with only a bed, office chair, folding table, TV, two laptops, two lamps, and enough kitchen items to cook and serve basic food. The next disclosure sheet will be very easy to list my exempt items.

                    Comment

                    Unconfigured Ad Widget

                    Collapse
                    Working...
                    X