Property sold before bk ~ how to document?

[Iris]

Hi all,

I'm filing Ch 7 pro se. I have a very simple no asset case. I did everything I could to avoid filing bankruptcy, including selling many personal items on Ebay to help make ends meet (what amounted to an internet garage sale). I made around $500-1000 on everything, personal property that I probably should have kept as it would have been exempt (CDs, clothes, books, inexpensive jewelry). Anyway, I'm not sure how to report this on my Statement of Financial Affairs. I did not report any of this on my taxes since I did not actually make a profit, so I do not consider it "income". It seems it would be best to list it under "#10 Other transfers". It looks like I will have to specifically list every transaction in the past year and the $$ I made. Should I attach a seperate sheet and be very detailed about each transaction, or can I just say "Ebay sales", the dates, and the total amount? Should I list this at all, since everything I sold was exempt property?

Thanks for any advice! I'm assuming it's fairly common for individuals to sell some assets prior to bankruptcy, to help pay bills.

Iris

[johnjenkins]

I have done the same thing. I listed my ebay sales as "income from sale of personal property". I had all of my Paypal statements, amounts received and amounts withdrawn with me at the 341 yesturday, but was never asked for it. I have been unemployed for a while and was asked how I was able to make ends meet. The income justified some of my monthly expenses. Good luck.

[Iris]

Hi John!

Did you list this under "#10 Other Transfers" or under "#2 Income other than from employment or operation of business"? Did you report this income on your taxes, and if not, was that an issue? It would definitely be easier for me to do the latter, and then bring supporting documentation to the hearing.

Hope your 341 went well!

Iris

[johnjenkins]

I listed it as " Income other than from employment or operation of business". No I did not file my taxes this year because I had no taxable income after all the deductions. None of this was an issue at my 341. All I told the trustee was that, since I was unemployed for the whole year of 2004, my main source of income was from the sale of personal property. I showed him my Paypal statements but he wasn't really interested in them. I was hoping to look as poor as possible (which I am) so he wouldn't be interested in looking at me any further. I guess it worked. 341 was quick and pretty stress-free.

[Iris]

Sounds almost identical to my situation! Thanks for the info. Good luck to you!

Iris