Assets and Chapter 7

[percy]

Percy, do you have an atty? Each State and as I have found out, each district in the State, have different interpretations of the statutes. Selling assets just prior to filing wouldn't be a good idea, but if you must, show where the $$ went to necessities.

I'm new to this whole thing, but one thing is clear. If you own it, it is an asset which you must declare under perjury. If you hide it and it is discovered, potential for big trouble.

Also I suggest you start a new thread with these questions as you'll get many more answers.

All the best!

FLfiler

Oh I absolutely wont hide anything, it is bad enough I have to go BK, i will do the right thing, I just hope I can keep the old trucks they arent worth much. I dont think selling an asset like that right before you file is a WISE DECISION either and I wont do it.

[FloridaFiler]

Percy, do you have an atty? Each State and as I have found out, each district in the State, have different interpretations of the statutes. Selling assets just prior to filing wouldn't be a good idea, but if you must, show where the $$ went to necessities.

I'm new to this whole thing, but one thing is clear. If you own it, it is an asset which you must declare under perjury. If you hide it and it is discovered, potential for big trouble.

Also I suggest you start a new thread with these questions as you'll get many more answers.

All the best!

FLfiler

[percy]

Also, if I were to sell one of these vehicles because I do need the money in fact right now just for food, a WEEK BEFORE I FILE, this would not cause any problems??? I cant get more than 800 so its not like its a lot of money or anything but I do know someone who would buy it and sell it back to me later when I get money. Is this a problem, I dont want to break any laws here.

[percy]

I have a very important question, I am allowed one expemption in AZ for a vehicle, 5000 dollars. I have 4 vehicles all of which do not total 5000 in value TOGETHER. The one I drive daily is my little nissan truck and the other 3 are 2 old 70s pick up trucks and an old motorcycle that barely runs, I would like to keep them all since these old trucks I can work on myself and will never be able to afford a new care.


if I list them all as assets do you think the trustee will take them, I am filing chap 7 on ONE CC with a balance 14,000, I own NO other property or assets and i live on social security disability.

How can i keep my old trucks, they arent worth anything, maybe 700 each, but easy to work on and for someone like me who cant afford new cars, they are what i need.

What a LETTER to the trustee explaining what I have said here MAKE A DIFFERENCE, asking him not to take them??

PLEASE HELP I AM FILING NEXT WEEK!

Thanks

[dego2274]

I am in Ohio and I may have to file a Chapter 7 due to a job loss. I own some DJ equipment and I want to know the best way to keep it. It's probably gonna be a good source of income eventually so I do not want to lose it. Any advice? I heard Ohio has a 10000 homestead exemption? Is it covered under that or tools of the trade? How much value can your tools of the trade be? Any advice would be greatly appreciated.

[nerves]

Firearms

What happens to firearms during the bankruptcy process? I am in IA

[threnners]

My car is dying, and I have 10 payments left on it. I plan on filing 7 next spring after my divorce is final. My state has a $1200 exemption on vehicles. According to Edmunds, ye olde POS is worth $1900 on trade in value. In the event Mavis does finally go belly up and I have to buy another car, would I have to turn it in or could I just reaffirm the loan?

[Inthestorm]

Zillow

I was told by the first law firm we visited and by a real estate agent not to use Zillow. It seems to have a reputation for being inaccurately in the high range.

[pcn]

Hopefully it's at time of filing. Value of autos is similar on a smaller scale right now. With the stupid cash for clunkers deal used car values are rising, making us gain more equity than we may be able to exempt...

[want2save]

Value of home at date of filing or later?

My home lost $150,000 in value during this housing bubble burst. At time of filing (May 2009) the mortgage plus my homestead exemption plus costs of sale made it a no equity situation. The trustee has not asked for an appraisal or CMA, accepting the value on the petition. Now the value is rising on Zillow. Will the trustee be able to use that increase and ask for an appraisal up to the discharge date or is the value at time of filing what matters.

[pcn]

It's worth as try - I got a couple for the next day or two when I was shopping. The one we eventually chose even has Saturday consults to help people out who are still working.

[Inthestorm]

I forgot to add that she put me right through to the attorney, which I wasn't expecting. I fumbled around trying to ask him about my truck. He said that what matters is the amount of equity I have in it. I said well does that mean they will take it, he said no it does not. I understand NOTHING. I didn't pursue any more questions because he sounded very rushed.

All I know is the GA exemptions sound horrible, my husband is telling me something different and I can't see the attorney again until two weeks.

If anyone in GA could give me a name in a private message, maybe I could get another free consult...but before two weeks I kinda doubt it.

[Inthestorm]

Update: I just tried to call and got the secretary immediately. We cannot get an appt. until the 24th, so I have no questions answered.

[Inthestorm]

My husband and I went to a large firm back in April or May. We were NOT impressed. We then got a recommendation from a friend and my husband went to see him, but I couldn't get off work. This was a HUGE mistake! I NEEDED to ask my questions to calm my fears. My husband is telling me he really, really liked this guy, that he explained much more than he can remember (two heads are better than one,) and that he didn't see any problem with us being able to keep the things we want to keep. According to the GA exemptions, I can't see how this is possible, unless he knows something we don't or my husband totally misunderstood, which isn't like him. We DO want to work with him, he's just hard to get a hold of initially. We are currently leaving messages. My friend is very surprised that he isn't calling back pronto, but she Bk'd before the economy fell, so I'm sure he's far more busy now than ever.

[Dagg25]

Much thanks for all the support and information I receive on this forum.............