Can I sell my exempted stuff?

[bkmaggster]

I'm broke as a joke. We've cut back as far as humanly possible (no cable, no cell phone, clipping coupons, and I'm using the neighbor's unsecured wireless right now!)

I don't start my new position until October (and we will STILL be way under the median). My husband's salary leaves us barely scraping by to eat.

I have a lot of textbooks which are listed on my asset form at goodwill prices. However, if I sell them to a targeted market of people, I can probably get 10-30 bucks per book, less fees and shipping.

Our 341 is in mid-July. Can I start selling the books now? Do I wait until the 341? Do I wait until discharge?

Thanks for any input!

[Klesko]

Since you have already listed them as assets on your forms I would ask your lawyer for sure before selling any of them.

[bkmaggster]

Pro se.

[JoeBankrupt33]

You can sell anything that is exempt, and if they ask, explain that the money was used for normal living expenses. I sold some exempt jewlery days after I filed for BK.

The trustee will look out for you selling non-exempt items. Since you have already filed, non-exempt items technically belong to the trustee until decided otherwise.

I wouldn't worry about selling them.

[bkmaggster]

Thanks Joebankrupt!

Can I ask - did you sell the jewelry for more than the value they were listed as in your bk paperwork?

My worry is that the trustee would see that I was able to get a lot more for the books than what I listed as their value. They are specific books about a specific subject that would be worth nothing to the average person. I have to invest some money and time in marketing them to get the higher value, which would not happen in a trustee sale.

[willbfree]

The trustee would be quite aware that you would probably have more extensive knowledge of the market and able to sell them for a much higher amount than they could at liquidation. It shouldn't be a problem.

[bkmaggster]

You all are awesome, thanks for your input. If anyone else has experience or disagrees, please feel free to chime in.

[TEW]

I'm broke as a joke. We've cut back as far as humanly possible (no cable, no cell phone, clipping coupons, and I'm using the neighbor's unsecured wireless right now!)

I don't start my new position until October (and we will STILL be way under the median). My husband's salary leaves us barely scraping by to eat.

I have a lot of textbooks which are listed on my asset form at goodwill prices. However, if I sell them to a targeted market of people, I can probably get 10-30 bucks per book, less fees and shipping.

Our 341 is in mid-July. Can I start selling the books now? Do I wait until the 341? Do I wait until discharge?

Thanks for any input!

You already filed so it wouldn't change anything income wise.
I would wait for 10 days after the 341 It's noit likly that the trustee would have an interest in the books

[music12]

it's very unlikely the trustee would even think to ask you about it. however, just to be safe, i would sell only up to the amount you exempted until the 341.

[Amy26]

Yea my lawyer told me specifically not to sell any asssets... so I would at least be a little weary of it. Now if you sell something for 50 bucks... maybe not so much.

[bkmaggster]

Yea my lawyer told me specifically not to sell any asssets... so I would at least be a little weary of it. Now if you sell something for 50 bucks... maybe not so much.

You mean leery? ;) They are books, 10-30 bucks a piece, listed as assets at $1.50 a piece, which I doubt the trustee could even get for them.

I'm not sure what you mean by the 50 bucks?

I need money to feed us until my job starts in October.

[Amy26]

No, I meant weary. And I was saying if it was a small number like 50 dollars I don't think the trustee would care about that. If you were trying to sell something for thousands of dollars, then that might raise an eyebrow.

[JoeBankrupt33]

Thanks Joebankrupt!

Can I ask - did you sell the jewelry for more than the value they were listed as in your bk paperwork?

I sold the jewelry for about the amount I listed as the exemption. I could have probably sold the jewelry for more if I had waited, but I took it to the pawn shop because I just wanted to get rid of it and I needed the cash.

As for your textbooks, the trustee will probably never even mention it. The only way you could run into trouble is if the trustee objects to your exemption. I seriously don't think that will happen. Just sell the books.

[bkmaggster]

No, I meant weary.

In the great words of Inigo Montoya, I do not think this word means what you think it means.

http://www.wsu.edu/~brians/errors/wary.html

Thanks for the feedback, though.

[dgjmj]

We sold items before we filed in April nothing large we also literally needed the money to feed our family with 3 children. What I did was whenever I sold an item I made a sales receipt (even though we didn't sell anything more than $50.00) & then when I spent the monies for food & gas I would attached that purchase receipt to the sale receipt. Our 341 went smoothly. Obviously if someone sold items to buy unnecessary items common sense says that's not good but I totally know where you are coming from. When we would say we were broke that meant literally we were broke. It was top roman , rice & beans for weeks. I figured if they would not blink at us for spending money to literally feed our family.