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    assets/exemptions question (federal)

    I am putting together my asset list and so far have come up with the below. I get confused when trying to figure what is household item or not. With items over 475 i am showing what i need to use for wildcared (live in pa and will go with federal exemptions. I think i will have some wildcard left as filing joint. Do any of the items i am listing below household items look like they could be put in the household category? I am having an appraisal done on my home so that i have a accurate indication of how much wildcard i truly have to deal with. As always thanks for any comments.


    Living Room notes full value wildcard
    Couch 75
    Leather 100
    wing back chair 75
    tv 250
    dvr 75
    stand 100
    Dining Room
    DR set 475 2000 1525

    Kitchen
    kitchen table and chairs 50
    Fridge 250 salvation army guide
    Stove 125 salvation army guide
    microwave 14

    Cellar
    Washing machine 305

    exercise bike 20
    13"tv 15 y.o. 20

    Master Bedroom
    Bedroom Set 475 high on salv army 1000 525
    23 " westinghouse hdtv 250
    vcr 25

    br2
    bed 50
    dresser 50

    br3 50
    bed 50
    dresser 50
    night stand 50
    cedar chest 100

    pots and pans 200
    dishes and glasses 300
    3584 total household good??

    tools 100 100
    patio furniture 175 175
    lawn mower 200 200
    snow blower 200 200

    electronics
    computer/printer 100 100
    stereo 75 75
    computer kitchen 50 50
    laptop 250 250


    golf clubs/irons 245 based on completed sales e-bay 04 callaway big bertha irons 245
    driver 125 ping g 5 125
    golf bag 50 50
    golf shoes 20 20
    bowflex sport 344 avg of ebay sales 344

    guns
    rifle 400 400
    ruger pistol 200 200
    taurus pistol 200 200
    800 800
    jewelery
    wedding/engmt ring 2500 2500
    wedding ring tony 500 500


    8584
    pa308 (equifax fico 6-21 471) 594 on 3-09 671 7-09
    filed ch7 6-12
    341 7-25
    Discharged and closed 9-24

    #2
    sorry this didnt paste very well. If there are three amounts on an asset line then the 475, total value, then the amount that would be wildcard. Total wildcard at this point 8,584.00
    pa308 (equifax fico 6-21 471) 594 on 3-09 671 7-09
    filed ch7 6-12
    341 7-25
    Discharged and closed 9-24

    Comment


      #3
      Originally posted by pa308 View Post
      there are three amounts on an asset line then the 475, total value, then the amount that would be wildcard. Total wildcard at this point 8,584.00
      Everything you have listed on your list are household items for the federal exemptions except the jewelry which has its own federal exemption. Are all the item values you have listed what you could reasonably sell them for, not their insurance or replacement value?

      Since you are using the federal exemptions http://www.bankruptcyinformation.com/exemp-fed.htm and you are married and filing together, the two of you can keep $9300 x 2 = $18,600 of personal property up to $425/item plus the wild card $925 x 2 = $1,850 for any property. That means you have up to $20,450 to protect your household items plus another $1125 x 2 = $2,250 to protect the jewelry.

      Does this give you the information you need?
      Last edited by lrprn; 11-18-2007, 12:30 PM.
      I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

      06/01/06 - Filed Ch 13
      06/28/06 - 341 Meeting
      07/18/06 - Confirmation Hearing - not confirmed, 3 objections
      10/05/06 - Hearing to resolve 2 trustee objections
      01/24/07 - Judge dismisses mortgage company objection
      09/27/07 - Confirmed at last!
      06/10/11 - Trustee confirms all payments made
      08/10/11 - DISCHARGED !

      10/02/11 - CASE CLOSED
      Countdown: 60 months paid, 0 months to go

      Comment


        #4
        lprn that does help a bit. However you said all but the jewelery would be household items. I assume the firearms would not be right? I figured i would use some of my wildcard for those. Golf clusbs and stuff where do they go???
        pa308 (equifax fico 6-21 471) 594 on 3-09 671 7-09
        filed ch7 6-12
        341 7-25
        Discharged and closed 9-24

        Comment


          #5
          pa308, I am in PA too, been waiting for someone from PA so that I can get/share info.
          IMHO, some of your estimates seem high. Like washing machine--is it brand new? If you stuck these items out on your lawn for sale--do you believe someone would quickly buy it for that?
          A 15 yr old 13" tv--$20--no way--$5 max--it's doesn't even have a digital tuner--too old--so it has almost no value cuz a digital converter box that costs more than it's value would be needed to use it in less than a year..just trying to give you some food for thought. Is your LR TV digital--is that why you have $250 listed as value? If it's analog only, it will be obsolete in less than a year-without digital tuner upgrade-see where I'm going?
          I wouldn't list specifics like "leather", IMHO, just something like "living room set" an affix a value to the set as a whole.
          Pots/pans--who buys used for $200 when even if top of the line--you can get it for less than $50 for entire set at thrift store
          I shop for almost everything used, which is why I'm saying this, certainly not to insult the value of the items you own, just wanna clarify that.
          I shop for household items at flea markets/yard sales/thrift stores. I have a georgeous bedroom set, to me, it is priceless, but in reality, I paid $35 for it in a yard sale down the street--I will list it as "used bedroom set $35".
          Almost no one would purchase a used mattress for $50, unless perhaps it's one of those super expensive t*mpurpedic types--and only if they knew you well--a mattress is a pretty personal item if you know what I mean-that's where any "action" goes on if you're lucky enough LOL!!! -IMHO-buying a used mattress is akin to buying someone else's underware...people get freaked about items like that, so they are almost without value except to the person who owns them.
          You might well be over valueing--
          I'm saying this cuz, as far as I understand, you do not need to "max out" the amount of your wild card exemption right??? There are other things that may pop up that you need it for--like your guns or golf clubs. Keep name brands off of things as much as possible, especially if there is a possibility they could be collectable to someone. IMHO, list guns perhaps as "2 handguns, and a hunting rifle"--Hunting rifle says "free food" IMHO if you are a hunter...guns for hobby say "somewhat expensive hobby"...
          Find a way especially to lower the value of the wedding/engagement rings IMHO-NOT a full jewelers appraisal value for an insurance replacement value-but more like a pawn shop type of value-you're not trying to appear as if you have a lot of valuables--just the opposite--your wedding rings are sacred, protect them.
          PA308--since you live in PA--do you live in an area that has that free paper called the "pennysaver" or "greensheet"??? (it is a paper where people sell their used items quick and cheap) If yes--then apply value that you could liquidate items in using that type of paper. This may give you a better understanding of quick sale value.
          Tools and blower/mower--perhaps lumped under home yard maintenance tools, and 1 value for all items, and at about 1/2 of what you have listed, unless all very new and easily liquidated. These are items you NEED in order to maintain your home according to local codes.
          IMHO, having some available wildcard or exemption $$ left over just incase is better than being maxed and forced to liquidate something right? Maybe I am misunderstanding how it is to be used--if I am please tell me.

          Comment


            #6
            Once you purchase something, it is no longer NEW it becomes used merchandise. No matter what it is......

            My attorney advised me to list everything at garage sale prices whether I purchased it yesterday or 10 years ago..... He said the only thing of any value was collectables, guns, expensive photo equipment, and expensive big screen tv's, etc. He said even things like boats, RV's had low resell value when it comes to them being used...

            Are you using an attorney? Or filing pro se?

            Keep us posted, and ask questions as you need help...
            Minny

            "It's amazing the paths that our feet sometimes follow in life".

            My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

            Comment


              #7
              Washing machine 305
              $305 for a washing machine? I don't think so.
              More like 50 to 100 for both the washer & dryer & it does not matter what brand, how big or or how old it is. That is just the way used things like that are.

              Some people might try to get more out of it selling it but chances are, people will buy it brand new before paying 300 for a washing machine used.

              'see Craigslist'


              Originally posted by Catia View Post
              IMHO, some of your estimates seem high. Like washing machine--is it brand new? If you stuck these items out on your lawn for sale--do you believe someone would quickly buy it for that?

              We are on the same page with that one.

              Comment


                #8
                Thanks everyone, i will review my listing and try to look at the pennysaver.

                catia, what part of pa are you filing in?

                I'm hoping to file around April or May in Pittsburgh.
                pa308 (equifax fico 6-21 471) 594 on 3-09 671 7-09
                filed ch7 6-12
                341 7-25
                Discharged and closed 9-24

                Comment


                  #9
                  I'm in Pittsburgh area as well. Go figure--even our city went BK--LOL!!!
                  Not one person I know was informed by their atty how to proceed with BK and keep their home--the one person that was allowed to keep his home never even had exemptions explained to him!!! His hearing was held in a hotel downtown??? It was legitimate, he was discharged-has papers to prove it-but when he told me this occurred in a hotel I thought for sure it was a scam.
                  What is going on around here???
                  Attornies just hand papers, take their upfront fee and explain nothing--then you get a 341 in a hotel--and wait for papers???Does pittsburgh NOT have a court house for this??? I am baffled!
                  I know Pittsburgh is backwards--but please--if you've got any insight let me in on it!!!
                  --I've had little luck getting info for decent reliable atty's in this area--everyone I know who's filed BK in area is disgusted with atty's lack of detail and attention. I only know 1 person who filed ch 7 in this area and was able to keep their home--despite everything I read that shows how you CAN keep your home in ch7 by making it exempt-- I supppose it has to do a lot with Ch7, and I guess there's not much $$ for an attorney doing ch7-what are your experiences?

                  Comment


                    #10
                    In regards to keeping your home that is based on the equity in your home.

                    Namely whether you have equity less than the homestead exemption. i.e. my attorney told me that since my
                    mv on house is 100k and i have roughly 20k in equity and the homestead exemption for married couple is 40,400 (fed exmpt x 2).

                    So i will exempt my equity of 20k and have some left for wildcard exemption.

                    My atty seems ok, but like most others on this board sometimes getting an answer over the phone can be like pulling teeth.

                    Never heard the hotel as a courthouse scenarion, but then I havent had anyone to talk to with any experience.

                    When are you filing?
                    pa308 (equifax fico 6-21 471) 594 on 3-09 671 7-09
                    filed ch7 6-12
                    341 7-25
                    Discharged and closed 9-24

                    Comment

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