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How is value of your things determined?

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    #1

    How is value of your things determined?

    Long story short I got cancer and have bearly gotten back on my feet and I've bought most of my stuff at garage sales and thirft stores. So do they go for what I purchased them there at or what they would retail brand new? I'm considering bankruptcy because I have about 100k in debt for medical and I also had to foreclose on a house I had bought when I was in bed for eight months battling cancer. I couldn't pay for a house and I was in a hospital so I lost everything that was in the house because I couldn't get anyone to move the things out. I have pretty much bare necessities right now and am bearly getting on my feet. I'm just wondering if this is going to screw me over worse by taking those things I need.

    The most expensive things I have are probably my medicines and my diabetes supplies....do they take those?

    Also I have three kids and they just returned to live with me, their dad brought all their belongings he bought them when they had to move with him (everything that was theirs stayed in the house that got foreclosed on), are they going to want that stuff too even though I didn't buy it? My ex is arguing with me saying if I'm going to give away what he bought them then he wants it back.
    Filed 07/14/2006
    341 Meeting 08/11/2006
    Deadline to Object 10/10/2006
    Discharged 10/17/2006
    Tags: None
    #2
    im sorry to hear all this. i hope you are doing well. are you in remission? i hope so.

    i would seek the free appt with attornys to be honest. its a great way to learn fast. and free.

    most states have exemptions so most everything is usually exempt from taking. check your states bankruptcy exemptions. no they dont take medications that i have ever heard. i know this will sound strange but the trusttee cant resale them so he sees no value in taking it.

    you may be able to argue that those things the exe got isnt yours anyways.
    Im not an attorney or a trustee. You cant trust me either though!

    [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
    [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
    [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
    [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

    Comment

      #3
      Yeah it is finally in remission and I'm finally back to work.

      In that case I don't think any of my medications would be resaleable because you can only get them by prescription and my diabetes supplies....well I don't think anyone wants to share stuff you use to test blood.

      I was thinking of just telling him to take back the kids things. I didn't buy them and he brought them over here because literally I have an empty apartment and I'm trying to buy furniture now. I just don't know if they'll give me credit for what I bought this stuff for or what whoever bought this originally paid for it.
      Filed 07/14/2006
      341 Meeting 08/11/2006
      Deadline to Object 10/10/2006
      Discharged 10/17/2006

      Comment

        #4
        great to hear! good for you! if you beat that then bk will be easy for ya

        exemptions will protect most everythting like that. you will see. nothing to worry about.

        also remember that used things in a house unles sits a flat screen 52 inch plasma tv and the like the trustee doesnt want to bother taking away and selling.
        Im not an attorney or a trustee. You cant trust me either though!

        [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
        [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
        [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
        [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

        Comment

          #5
          i also want to point out to people, if i may use your situation, that after you file BK you will not be protected from medical bills such as this again for another 8 years.

          thats why i strongly suggest putting your money toward health insurance, auto insurance, etc and fully protect yourself.
          Im not an attorney or a trustee. You cant trust me either though!

          [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
          [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
          [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
          [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

          Comment

            #6
            So glad you are getting better!! That is GREAT news!!

            BKFiler gives the single best piece of advice. Make some appts and chat with attnys. Consults are free and you'll learn a lot.

            You shouldn't have to worry about your kids' things. The way I understand it, dependents assets (clothes, books, etc) are dependents assets (clothes, books, etc) and cannot be included in your BK. The furniture in their rooms will probably need to be included in your household inventory tho. Our state also has a type of "wild card" exemption for dependents. The head of the household can exempt $1250 for themselves and $350/dependent. Generally, from what I've seen on PACER from other people's Schedule J, clothes aren't valued too high here. Most times, the form shows $200-$300 for clothes. Maybe clothes aren't valued highly where you live either.

            Medicines and home health aids are expressly exempted by the new Federal Law. Don't think you need to worry about any of that.

            Attnys have told us to value our furniture and such at fair market value like you would find at a yard sale, garage sale, Goodwill, etc. As one attny said to me, "After all. Where do you find a 10 year old sofa for sale??" That's how we've been told to value things.
            Filed Ch 7 - 09/06
            Discharged - 12/2006
            Officially Declared No Asset - 03/2007
            Closed - 04/2007

            I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

            Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

            Comment

              #7
              Unfortunately, I had health insurance when this happened. However, I'm on a plan that they pay 90% I pay 10%.....I can't imagine everything they pay because that's what my hospital bills are at...that excludes my doctor appointments that were in there and bunch of other appointments. When I started the radiation was two years ago....so you can imagine I'm getting lawsuits at my door by this time. So praying to God nothing else goes wrong because there is just no way in my lifetime I could pay for that.

              Where I got my sofa was at the goodwill. A whole $60. But if they want to charge me new for it it'd probably be about $450-$500. And that is what I was worried about. I was bearly able to afford $60 to get a couch and even though my stuff is crap it's highly useful crap to me.
              Filed 07/14/2006
              341 Meeting 08/11/2006
              Deadline to Object 10/10/2006
              Discharged 10/17/2006

              Comment

                #8
                well check you state for exemptions. sounds like everything will be covered. not to worry.

                seek an attorney appt, several, they are all free.

                again, another good point about insurance. WE ALL NEED TO UP OUR INSURANCE SO THIS DOES NOT HAPPEN TO US OR HAPPEN AGAIN, after we file bk because you cant file chapt 7 bk again for 8 years.
                Im not an attorney or a trustee. You cant trust me either though!

                [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
                [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
                [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
                [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

                Comment

                  #9
                  Danielle1981,

                  Ok,
                  First suggestion I can give you is Check with Legal Aid in your area and see if they can help you.

                  You said your home was foreclosed and all possessions with it are gone....

                  Find out if the home has been auctioned yet.... IF NOT, check with Legal Aid and see if they can help you get your personal belongings back out of the house. Its quite possible a simple phone call by a Legal Aid attorney can locate your personal items if they have not been auctioned..

                  Since your were in the hospital at the time of foreclosure, its possible that your personal belongings can still be returned to you... Find out what happened to them.....

                  Stay with us, ask questions, we'll help anyway we can....
                  Minny

                  "It's amazing the paths that our feet sometimes follow in life".

                  My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

                  Comment

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