Question filling out BK paperwork....

[Trixie007]

Quick question: Do DH's duck decoys, fishing poles, etc get covered under household goods? Or do they fall under the wild card??? Please say household goods... ok, fine, just tell the truth lol.

[Trixie007]

Anyone?

[2Stressed]

I just started on this site, and see you seem to know alot about all most all, hope to know all soon....

[optimistic1]

If it was me, I would just happen to "forget" to list them as property, who the he** is gonna check.

[Trixie007]

Well.... he has a lot of stuff! Probably 50 fishing poles, dozens and dozens of decoys, 8 guns (I think), plus all the stuff that goes along with hunting & fishing! Waders... float tube... ARGHHH! I could go on and on! Probably too much stuff to not list!

I know when we did a yard sale way back, he sold poles for $3, or $5 if they had a reel attached - nothing close to what they're worth, but still, this could really chew into our wild card, but we have plenty of room under household goods...

[santadawg]

Trix, I second that--tag sale price----they don't check that close--Ill buy them all for 25.00

[Trixie007]

Household goods or wild card???

He-he-he. The divorce would be too expensive if I sold his "stuff"!

My real question, though, is: Do these items fall under household goods or under the wild card? We are using the Federal exemption.

[lrprn]

Well.... he has a lot of stuff! Probably 50 fishing poles, dozens and dozens of decoys, 8 guns (I think), plus all the stuff that goes along with hunting & fishing! Waders... float tube... ARGHHH! I could go on and on! Probably too much stuff to not list!

As I recall, guns are split out and valued separately from household goods (and I'm sure someone here will quickly correct me if I'm wrong ). Also *UNLESS* the 50 poles and dozens of decoys are antique collectibles with some value, then they and all the associated gear can be valued at garage sale prices. Since they are sports equipment like football and baseball gear, then you could include them within your household goods *IF* their total value doesn't push you over the typical household goods value in your local court (typically between $2-4,000 depending on the area of the country you live in, although there are exceptions).

However, if the many poles, decoys, etc are valuable antique collectibles, then you're in a gray area and need an experienced bk lawyer to give you advice about how to handle them when you file. Some trustees may consider them 'art' and so your lawyer may require them to be appraised before you file.

[Trixie007]

thank you lrpn! No, they are not "art", although DH may disagree... LOL. We do have some fly rods displayed in our living room, but they are functional and not antiques!

Also, maybe I'm wrong - but isn't the household exemption limit for the Federal system $ $10,775 - and that can be doubled for joint filers?