tools of trade or personal

[bankit]

I am filing chap 7 and trying to decide which exemption would be the safest.
The company I am a employee for requires me to supply the majority of my office equipment. I am wondering if I should include my fax machine/copier, camera, video camera, office chairs, wall pictures, etc under tools of trade exemption or under personal property exemption. I use the camera and camcorder to document property for insurance and other items are just normal office stuff. I just want to make sure I am listing in the way that will most likely not get objected by trustee or creditor. Thanks

[StaciMM]

If your state allows personal exemptions enough to cover what you have, I don't know that it is really an issue. Just check your state info to see if there is a maximum per item, and if there is-do you have any single item that exceeds that amount. If your state allows you to chose the federal list of exemptions-those have alot of flexibility. (You can use about 50% of the homestead for a Wild Card if you don't own property.)

From looking at different states, I've seen some w/ personal property exemptions as little as $1k. That seems a bit extreme.

[Minnymouth]

You might have a free consultation with an attorney and throw it around with him about the tools and equipment.... If you had to pay for them - their yours...... if company funds paid for them - their not yours......
Usually tools of the trade are exempt in some states - its how you make your living.. Lots of times the "wild card" is used for this..

Let us know what you find out,

Minny

[HHM]

Minny asked the right question, who paid for the office equipment?

If you did and did not get reimbursed, then they are your assets and you need to exempt them. Bascially, if you need the equipment to earn you living, then they are tools of trade and if your state has such an exemption, it may fit in there. Otherewise, the general household goods exemption may cover it.

If you did not pay for it, don't list them as assets.

[bankit]

Thanks for the info. I paid for everything without reimbursement. I just want to exempt it the most trouble free way. I did not know how easily the trustee objected to tools of the trade. I have up to 2000 personal items exemption and there is a 10,000 tools of trade exemption.