Please help ( assets question)

[midnightrocket]

...can someone here school me on the asset deal when filing chpt 7........i am under the impression that my personal belonging can and may be taken from me.......i own a weight set and olympic style weight set, small automatic handgun, a laptop , camcorder and a surround sound with dvd player....thats all i own ...besides having clothes and a watch. everthing else is financed....i met with attorney...and they said i def. qualify for a chapt 7..... however, forgot to get informed on the asset deal..... boy ..this is going to suck if i loose my weights and exercise equip....i must take care of myself.........i also own a cooking grill........thanks for help on board!!!!!!!!!!!! definately brings peace of mind!!!!!

[newimges]

Depending on what state you are in - you can keep a certain amount of assets in different categories. Each state is different and some states allow you to use federal examptions.

Your belongings are not based on what they cost new but rather what you could sell them for now being used which is usually much less.

When we filed chapter 7 pro se - I was careful and claimed everything we owned and we kept ALL of our belongings including an extra car, a new hot tub, big screen tv, and my husbands garage filled with weights and nautilus machines. Most people find that outside of major luxury items (boats, campers, etc.) or homes with a lot of equity, you can keep all of your belongings.

Good Luck!

[keepmine]

Nobody wants a used weight set or grill or used computer. All of that should fit in under personal exemptions.

[PoorGrammyinBK7]

Depends on your state as to how much you are allowed to exempt. Value the items at garage sale prices - not at what you paid or retail. You should probably be able to exempt everything you mentioned - unless that watch is a very expensive Rolex or something. Don't worry. - be happy.

[relief13035]

I don't see any problem with you keeping those items.

[midnightrocket]

Thanks guys.......this board has really helped!

[TEW]

used bar bells $150
camcorder $75
laptop $150

[FloridaGuy]

not worth much

I had a 5 year old desktop computer/monitor and printer. The trustee ordered an appriasal of our persoanal property. ('Cause she's a biiioooootch) I had valued the computer at $150. When the appraisal came in... it was $35 computer/monitor $8 for the printer!

Actually... all the property came in a just about what we had placed on our petition. So I was right on target. Although some was higher, some was lower... the total was close.

[tanyusik]

I had a 5 year old desktop computer/monitor and printer. The trustee ordered an appriasal of our persoanal property. ('Cause she's a biiioooootch) I had valued the computer at $150. When the appraisal came in... it was $35 computer/monitor $8 for the printer!

Actually... all the property came in a just about what we had placed on our petition. So I was right on target. Although some was higher, some was lower... the total was close.

So when Trustee ordered appraisal for your personal property, did appraiser came in to your house and did inventory of all items ?
What made trustee doubt that you gave correct value of the property?
All my personal property is more than 5 years old, half broken and worn out. Honestly it won't get a buyer even on garage sale, but I don't want to give the impression that I underestimate its value on purpose. Go figure. Judging by your case there is no way to predict what might go wrong.

[Over our heads]

I imagine that our trustee will probably raise an eyebrow at our stuff. Everything is so old, or was purchased cheap that some is actually worth nothing at all. Freecycle would be our best way to get rid of it, as selling it would be impossible.

I believe and I'll have to check again to make sure, but I think we can have 4-5k in household good exemptions. If we can even make half of that I will be utterly surprised.

From your list, nothing stands out as overly expensive, and I would venture to guess that you will probably not have any problems at all.

I feel sorry for anyone with a woman trustee...hormonal and holding your life in the balance...no thanks!
(take no offense please other ladies on the board! I am woman myself)

[FloridaGuy]

Depends on the trustee

I guess it really just depends on the trustee. I see here on the forum many people get through very smoothly. However, I randomly picked 13 cases from my trustee in the last year. (After we were having a bunch of problems)

ALL chapter cases 7 except for 1, got turned into asset cases, and ALL got personal property appraisals. It seems, she does it for every case regardless of whats on the petition.

She disputed the value of our cars, valuing them about 3 times what they are actually worth. Of course... WE can pay for an appraisal on them... and she will only accept it from one person.

She disputed the value I put on our petition for all appliances - I Put $1200 all 4 years old, purchased new when we got the house. Appraisal came back at $850.

We have some furniture 12 years old... cat scratches, stained, etc. (It is 12 years old!) oddly, the appriased said $0 for one set, and $100 for another couch/loveseat/ottoman - I think she messed up though, as when she was in the house she said it was worthless. Oh Well.

The appraisal itself was quick... Not a problem at all.

[deadbroke99]

I guess it really just depends on the trustee. I see here on the forum many people get through very smoothly. However, I randomly picked 13 cases from my trustee in the last year. (After we were having a bunch of problems)

ALL chapter cases 7 except for 1, got turned into asset cases, and ALL got personal property appraisals. It seems, she does it for every case regardless of whats on the petition.

She disputed the value of our cars, valuing them about 3 times what they are actually worth. Of course... WE can pay for an appraisal on them... and she will only accept it from one person.

She disputed the value I put on our petition for all appliances - I Put $1200 all 4 years old, purchased new when we got the house. Appraisal came back at $850.

We have some furniture 12 years old... cat scratches, stained, etc. (It is 12 years old!) oddly, the appriased said $0 for one set, and $100 for another couch/loveseat/ottoman - I think she messed up though, as when she was in the house she said it was worthless. Oh Well.

The appraisal itself was quick... Not a problem at all.

Did they look in your closets and drawers or just walked thru?

[bruisedpeach]

Wow....they visit your house??? I say come on over, you SOB!! HEEEEE. Welcome to my squalor!

BP

[Over our heads]

Lol, I'd tell them to have a seat on my couch. And then proceed to tell them which of my 4 kids had pee'd puke'd poop'd and snotted on that cushion!

Yup, I'm that rotten!