leaving something off bk

[bigtim6656]

I have been trying to make sure I count every thing and make sure I have everything down as far as assets. I have noticed a few things that beyound walking in and asking who's it is there is no one anyone but me would know I have it. I will admit the thought of hey I could not add it and no big deal and jumped in my head a few times.

Did any of you think about leaving stuff off be it big or small and if so did you?

This is a poll so not like we will all know, if you want feel free to add what it was

[kartoons19]

I listed everything when I did my inventory of assets. I could have probably left some stuff out because I'm not even close to fully using the household exemptions, but when I'm asked at my 341 if I listed all of my assets, I'm glad I can honestly say yes.

[ccsjoe]

I thought about leaving a couple things out until I forced myself to think "garage sale prices". I then took a clipboard and walked through every room, garage included, with my wife, listing and pricing everything. Our asset list is like 6 or 7 pages. Mostly stuff like: 1 doll house, wood, worn, $10; 1 camping air mattress & pump, well worn, $5, lol.

[tay666]

I didn't have to do any kind of list.
They just asked it we had any item that was worth more than $1000.
We were not required to list all our personal belongings. Or even break things down by groups. Just one big agrigate.

[kartoons19]

I didn't have to do any kind of list.
They just asked it we had any item that was worth more than $1000.
We were not required to list all our personal belongings. Or even break things down by groups. Just one big agrigate.

I would have loved to have done that. Doing the inventory was the worse part!

[IBroke]

Well, listing EVERY single item is just crazy. I own a CD-collection - so should I list each and every single disc? What's the point in that? I won't list every T-shirt or pair of socks either - I'm going to list the total value of my clothes and that's it.

I simply list that I own CDs and DVDs and list their TOTAL value. That should do just fine.

Honestly, when I read the thread-title and the poll, I though you were talking about leaving CREDITORS out. That's what I'll be doing. I have to little credit cards with a $300 credit-line each - one of them being a secured card (yes, I listed the deposit as asset).

I'll pay them off prior to filing. Although it's unlikely they survive the BK (well, maybe the secured does), I at least avoided the "IIB"-notation on these 2 accounts that were always in good standing.

[kartoons19]

I just did a count of my CDs and books, I didn't list every title, otherwise you're right that would be crazy!

[bigtim6656]

I agree, my lawyer told me not to worry about clothes and such. his words where"I will take care of that kind of stuff"

Well, listing EVERY single item is just crazy. I own a CD-collection - so should I list each and every single disc? What's the point in that? I won't list every T-shirt or pair of socks either - I'm going to list the total value of my clothes and that's it.

I simply list that I own CDs and DVDs and list their TOTAL value. That should do just fine.

Honestly, when I read the thread-title and the poll, I though you were talking about leaving CREDITORS out. That's what I'll be doing. I have to little credit cards with a $300 credit-line each - one of them being a secured card (yes, I listed the deposit as asset).

I'll pay them off prior to filing. Although it's unlikely they survive the BK (well, maybe the secured does), I at least avoided the "IIB"-notation on these 2 accounts that were always in good standing.

[bigtim6656]

ok who called the trustee on everyone. LOL

[SMinGA]

I prepared a list for my atty, kind of mentally going room by room. I did not detail down to each article of clothing, each CD, etc. but grouped like items together. Ultimately my atty groups it in a general sense: $X household furnishings, $X clothing & apparel, etc. Only specifics are house, vehicles, bank accounts, 401k and such.

But then, even if rounding up and counting some items at what we bought them for (like the treadmill I bought used for $250 a couple of years ago, or the pool table + accessories we bought used for $300 a couple of years ago) we come in easily under our allowed exemption. And that is without touching the minor $600 each wild card for GA.

Our only potential exemption issue is that our district uses NADA retail for vehicles. I don't think it will be a problem - we have $3500 x 2 for vehicles and that $600 x 2 wild card. But since NADA retail is about the highest possible valuation, on paper we have more equity than we actually do. (My opinion. If we were to try & sell hubby's vehicle, we'd perhaps be able to get someone to buy for what we owe. We would not be able to make a profit - and this is my definition of true equity.)

[SMinGA]

Will be curious to know how this turns out for you. Since its secured by funds on hand, its not the same liability as a typical card and perhaps will not be automatically shut down with an account review?

And kudos to exempting the deposits - would be easy to forget about those. Note to self: need to find out if I have deposits w/ any utility companies. I know the water & gas refunded them after 1 year of service, but don't think the electric had the same policy...

I'll pay them off prior to filing. Although it's unlikely they survive the BK (well, maybe the secured does), I at least avoided the "IIB"-notation on these 2 accounts that were always in good standing.

[Pandora]

Whew - after reading everything that ya'll had to do, I'm really glad our intake packet from our attorney's office had everything already listed on it - all we had to do was fill in the values and number of each item. It had everything...pots, pans, silverware, guns, toys, clothing, shoes, ties, dvd's, cd's, gaming systems, stereos, tv's, etc etc etc.

[tobee43]

good thread!! our attorney did as well....and i was concerned about the package of toothpicks unopened!!

[drowning123]

I didn't even know you had to do that. I saw no such thing. I'm in New York. Did my attorney mess up?