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Assets Make Sence?

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    Assets Make Sence?

    I'm trying my best to list my assets I'm wondering does this seem like enough or do you think I'm just missing something ? here goes
    I used approx ebay values for used items like mine
    PC(monitors printers and all) - $365
    Cell Phone - $70
    DVDs- $25
    PS2(games and controllers)- $50 (it is beat to hell)
    PC Desk and Paper Shredder(office supplies)- $45
    Sport Equip(bowling pool old hockey stuff)- $100
    Shoes(mainly Air Force Ones) $100 (probably more if you find collectors I guess)
    Clothes- $75 like 7 jeans 5-6dress shirts I mainly wear Tees
    Jerseys-$30 (not sure to include with clothes or sports stuff
    DVD player- $5
    Old School Books - NO CLUE ???????
    Cds- $10 I have a few Retail Cds laying around
    HS class ring - not sure how much ???

    So Far at APPROX $875

    Do you think i should include more or do you think i may own something I am forgetting ???
    Also I think I'm the beneficiary of my Mother's Life Insurance Policy but she is still young do I need to put that ?
    And as far as Cash will my trustee understand if I had cash but used it to pay my college tuition and i have receipts to prove it ??
    THANX IN ADVANCE FOR THE HELP
    Filed for Chapter 7 8/10/2007
    341 Meeting 9/13/2007
    Final class done 11/29/07
    Discharge ??/??/07(8)

    #2
    The HS class ring,......... Take it to a jeweler or pawn shop and ask how much they'd give you cash to buy it right then and there. That would be your value. Most likely whatever the scrap gold price is unless you actually have real gemstones in the ring.

    Clothes,........ It's typical here to say $100 total per person. No more than $150 max.

    Personally, I'd skip listing the jerseys separately as sports equipment. Unless you're using them to play soccer or football or whatever sport, then they're just clothes.
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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      #3
      Ok. Cool Thanx for the help anyone else have any clue about the life insurance thing ?
      Filed for Chapter 7 8/10/2007
      341 Meeting 9/13/2007
      Final class done 11/29/07
      Discharge ??/??/07(8)

      Comment


        #4
        Both Hubby's folks and my Mom are older. Up in years. If they died, we'd inherit, along with siblings, our share of their estates. There's no official designation, no will, as to who gets what or how much that we know of.

        The estates aren't large. Health issues could come into play. Any monies from either estate could be needed to pay medical bills, burial costs, whatever. There may be little, if anything left.

        We discussed it with our attny and he recommended we say "No" to that question.

        You don't know for sure if you're a beneficiary. Personally, I wouldn't ask Mom at this the status of her designation. You may have to pay for unforseen expenses. Since inheriting anything is only a possibility, you might be able to say "No" to the "Do you stand to inherit?" question.

        Definitely a question to run over with an attny as you Consult around. Get their take on what you should say.
        Filed Ch 7 - 09/06
        Discharged - 12/2006
        Officially Declared No Asset - 03/2007
        Closed - 04/2007

        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

        Comment


          #5
          sorry it's been a while, just wanted to say thanx i'm going to put No, it seems to make the most sense, i'm just waiting for my certificate so i can go in and file i will let everyone know how it goes once again thanks alot sinking fast
          Filed for Chapter 7 8/10/2007
          341 Meeting 9/13/2007
          Final class done 11/29/07
          Discharge ??/??/07(8)

          Comment

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