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Worried about exemptions...need to file ammendment tomorrow. Help, please!!!

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    Worried about exemptions...need to file ammendment tomorrow. Help, please!!!

    We are Chapter 7; 341 mtg is May 1 (12 days).

    After reading (forever ) on this forum I realized that I hadn't exempted enough. My primary concern is a sizable tax refund due to us from the the IRS.

    We will be a no asset case......we don't own our home, our car is my mother's, we've pawned all of our jewelry in the last 2 years, and no real personal property. My husband became disabled last year and is still on Workers Comp and I was laid off in September 08. Our income is WELL below the median and our family size is 6 people. So, having to prove we have no assets should be ridiculously easy! LOL

    What we do have, though, is some furniture, TV's, a computer, tools of the trade for my husband, and the IRS refund. Oh, and 150.00 cash. Woo hoo!

    Basically, I've asked that all of the above be exempted and each category is well below the allotted amount for exemption in Maryland. The IRS refund I used as the Wildcard and if I understand the law here, my husband and I both can claim 6,000.00 so we are still 4,000.00 away from that limit.


    If I exempt these things, can they be touched by the trustee? Literally, all we have to our name these days is worth 13,000.00 and most of it is used furniture and a TV. That's it..............pretty sad, I know, but we've had to pare down and deal with the fact that we're living off of 1500.00 a month and that's it.

    Just need some guidance on the exemption before I submit the ammendment on Monday. I don't wanna raise a red flag.

    Thanks!

    #2
    How are you valuing your furniture and TV to come up with $13k? If you had to sell your furniture and TV tomorow, how much would you actually get for it?

    Comment


      #3
      I did a personal inventory list and included all the furniture that we own (some is rented from RAC) and our 3 TV's and the personal property (clothes, appliances, etc...) and the total value for each if I had to sell them today was roughly 13,000.00

      Truly, we really don't have a lot that is ours. I think this answered what you were asking. Yes?

      Comment


        #4
        Originally posted by 443gogreen View Post
        I did a personal inventory list and included all the furniture that we own (some is rented from RAC) and our 3 TV's and the personal property (clothes, appliances, etc...) and the total value for each if I had to sell them today was roughly 13,000.00

        Truly, we really don't have a lot that is ours. I think this answered what you were asking. Yes?
        If you are renting (even renting to own) you don't own it, don't include it in your "personal property". If you stopped paying the rental it would cease to be in your possession. Tally what is actually yours, and figure the expense based on what you would realistically get if you sold it tomorrow. $13k seems extremely high for even a very nice house with very nice newer furniture... maybe I'm just cheap ;)

        Comment


          #5
          Ahhhh, I may not have been clear enough. 13K was the total for our exemptions, overall.

          That included:
          250 cash/savings
          3420 furnishings, etc...
          570 appliances
          700 family heirlooms, antiques
          200 dishes/dry goods
          400 TV's
          250 figurines
          2000 clothing allowances for 6 ppl
          700 jewelry
          200 fishing rods and hobby items
          8,197 IRS refund
          1,150 home office furnishings, computer


          I should have itemized before. We are well below the exemption limit for Maryland and WAY below the income limit for ANYONE (LOL!). I was mainly curious about the tax refund but I utilized the Wildcard Exemption for that and still had 4,000 to spare since the limit here is 12,000 for a married couple filing jointly. I guess I was just curious because it's such a large amount of money.

          Comment


            #6
            You actually put in much, much higher values for your stuff than the market would allow. It's ok because you have left over exemptions, but I am telling you that the values should have been garage sale values (read "next to nothing" values). In BK there are no antiques...only old things!
            Filed CH 7 9/30/2008
            Discharged Jan 5, 2009! Closed Jan 18, 2009

            I am not an attorney. None of my advice is legal advice in any way..

            Comment


              #7
              $2000 in clothing for 6 people?????

              That's way too high! Remember, in a garage sale, people often balk at a price higher than 25 or 50 cents per item. Unless you have closets full of designer clothes and furs, this amount is just too high.

              When I file, I'm claiming probably $30 in clothing, including shoes.
              Lying awake at night...
              Waiting to file...
              Roughly $34,000 in credit card debt

              Comment


                #8
                That's why no one ever buys stuff at my garage sales........... and I still have a house full of crap AND clothes!!!

                Comment


                  #9
                  No one's mentioned the IRS refund exemption. I'm guessing that it should be ok, in your opinions???

                  I can adjust some of the numbers, if need be, but we're below the exemption amounts allotted for our states. I just don't want to continue to ammend the schedules once I've filed them. No need to raise any red flags!

                  BTW, I do have a federal tax lien BUT, the IRS has flagged it from my understanding so that it can't be collected on right now. So far, it looks like my Tax Refund will go through. I intended to pay that lien anyways to get it off of my credit report with this refund but I wondered how I list that lien on the Schedules? Is is a Priority secured or an Unsecured debt?

                  Comment


                    #10
                    Priority secured.
                    Filed CH 7 9/30/2008
                    Discharged Jan 5, 2009! Closed Jan 18, 2009

                    I am not an attorney. None of my advice is legal advice in any way..

                    Comment


                      #11
                      So, then it goes on Schedule D as a secured claim? And what is Contingent, Unliquidated and Disputed?

                      Comment


                        #12
                        Contingent - liability depends on the occurrence of another event. For instance, if there is a pending lawsuit against you that you could win or lose, this would be contingent.
                        Unliquidated - You can't readily determine an approximate amount for the debt.
                        Disputed - The debtor and the creditor don't agree on the amount or the liability for the debt.

                        Comment


                          #13
                          Got it. Thanks!

                          It's none of the choices listed, so I guess I leave it blank? Do I still need to fill out form 8? It is my only secured debt listed on Schedule D but I don't really have a choice about reaffirming, surrendering, etc...because we have no real property that it's tied to and no assets.

                          Any guidance would be great!

                          Thanks.

                          Comment


                            #14
                            Seperate your Family heirlooms/antiques as one item cannot exceed $500.
                            Also, you don't have heirlooms/antiques.

                            It is old jewerly or old furniture. I inherited quite a lot of jewerly & antique furniture. My father (retired jeweler) paid over $11,000 30 yrs. ago for diamond cocktail ring and matching necklace. I found the exact same ring on Ebay for hmm think it was $389 or $489. I printed that page as backup. Didn't find the necklace, so will add $100 to price of ring.

                            I found all my old furniture either on Ebay, Craigslist or by just typing the piece of furniture into Goggle. On Ebay I typed in old mahogany Secretary..found it sold for $61 on Ebay, listed it for $100, typed in my German old china and it sold for $279). On Craigslist, I found our Craftmatic beds selling for $250 a piece!

                            I've spent a mint on paper and ink for printer, but will have the documentation if Trustee questions it.

                            Luci

                            Comment

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