Question about mandatory credit counseling before filing chapter 7

[clc08]

We are in the middle of an online mandatory credit counseling. We haven't yet made detailed list of everything in our home (assets) and my other half wants to estimate the worth to get this thing completed.

Will we be safe in doing this?

Does the trustee actually see the detailed report, or does he just see that we have met this requirement?

I have been told to use yard sale prices for our belongings. I'm having a heck of a time trying to put a value on our household goods. Is there any web site or something somewhere I can use as a guideline/reference? Atty said to use ebay prices for my jewelry. That is more than pawn shop. I took a ring to pawn shop and was offered $900. I took it to a jewely store and was offered $5300. What do I use?

[dneil]

he just sees that you met the requirement. The counseling is easy peasy. Did mine in about an hour.

[free2breathe]

Estimates are totally fine. The only thing the court sees is the certificate of completion

[dneil]

You are supposed to use the garage sale amount. Or pawn shop. The idea is to get a value for what it would sell for quickly like if you needed to sell it fast to pay off your debts. For example, my couch is only worth 25 bucks because it has a hole in it and is 8 to 10 years old. I probably truthfully would have to pay the junk yard to get rid of it. Our clothing for the whole house was valued at around 600 dollars. I figured 50 cents per outfit. Does this make sense? My wedding ring set was valued at 300 dollars (to sell it quick)....

[clc08]

OK....thanks all. Killing me....of course He was right, as usual!

[dneil]

One other thing... the reason the jewelry store offered you so much is because that is 'up grade' value.... where you trade in the ring, they give you that value worth but you have to match paying that for a new set. I have been there and done that. They wont actually BUY your ring for that amount, unless you are "upgrading". Use the pawn store price (what they will give you for it) it is much more what they are looking for.

[free2breathe]

Something that I read over and over on the web and bankruptcy sites is that people usually overvalue their items. That gave me a sense of relief when I went over my things again. I tried to put myself in a garage sale setting and ask myself what I would have spent for them. I, like dneil, would probably have to GIVE my living room furniture away lol. I probably overvalued a lot of our belongings and we still had more than enough exemptions to cover us.

When it really becomes an issue is when you have expensive pieces of art, heirloom jewelry, etc. If that's the case, the trustee will pick up on it and perhaps send an appraiser. For common households, we see on this forum that the Tampa Bay, FL area is about the only district that sends appraisers out often.

[tcreegan]

Hi all,

...same with cars and jewelery, don't get the trade-in value. Get the "I'm selling, you buy it" price.

For your household stuff....don't forget ol' George: my stuff is stuff, their stuff is [fecal matter]

Tom in Colo

[clc08]

We won't begin to meet our exemption limit, so I'm not worried about that. Our Atty hasn't given us any specific paper to fill out listing our stuff. I did some research and found out there is a Schedule B, (I think that was it)...so I don't know if I should get a pad of paper and go room to room and list each item in the room, or group stuff in categories, i.e. kitchen dishes/utensils....surely I don't have to list each and every item one by one, do I? Like extension cords, light bulbs, etc.

[BrokeinMD]

No offence, OP, but I think you're way overthinking the online credit counseling courses. Just use the workup sheets you used to give your attorney the info, or what you used for your filing as your guideline. The only thing the Court wants, as someone mentioned earlier, is the certificate showing you completed it.

[BrokeinMD]

Sorry, missed that you didn't get the sheets. Here's what I had to fill out for my initial filing for my attorney:

Value of all Furniture
Value of all Kitchen Utensils and Appliances
Misc (Quantity and Value for each):
Vacuum Cleaner
Computer
Copier
Printer
Rugs
Fax Machine
Antiques (describe)
Coin/stamp collection
Lawnmower
Playstation/Nintendo
TVs
DVDs and Player
Suitcases
ipod/mp3 player
Candlestick
satellite dish
Hair dryer/flat iron
auto tools
swimming pool
pool table
scanner
art objects (describe)
snow blower
cds and player
paintings
iron and board
books
power tools
washer/dryer
piano
radio
telephone
cell phone

[dneil]

We won't begin to meet our exemption limit, so I'm not worried about that. Our Atty hasn't given us any specific paper to fill out listing our stuff. I did some research and found out there is a Schedule B, (I think that was it)...so I don't know if I should get a pad of paper and go room to room and list each item in the room, or group stuff in categories, i.e. kitchen dishes/utensils....surely I don't have to list each and every item one by one, do I? Like extension cords, light bulbs, etc.

Our attorney gave a list with main headings like: Household Items, clothing, Jewelry, personal clothing, tools, lawn mower, toys (such as snowmobiles), camping equipment, televisions, computers, sterios, art (as in expensive art.... not dollar general crap)..... If you'd like, I can make a pdf of ours and perhaps it will help you to get an idea of what you need to have listed. We had to value our washer, dryer, fridge and stove even. They are looking to find the value of your all of your assets.

[clc08]

Yes, I was overthinking the counseling online...read here what to do and got it done! Thanks! Just my anxiety at work. So afraid I/we will make some dumb mistake and mess us up. Husband gloated..."Ha, I was right!" and called me "pig-headed." Anyway....I may be overthinking listing our assets, too, but want to meet the trustees requirements and not raise any red flags. Appreciate the offer of a pdf file and will take you up on it. When you list your applicances and TV, computer, electronics, etc, do you have to list the make/model/year, or just lump them? Thanks.....

[BrokeinMD]

Just the quantity and the "yard sale" value.

[dneil]

Yes, I was overthinking the counseling online...read here what to do and got it done! Thanks! Just my anxiety at work. So afraid I/we will make some dumb mistake and mess us up. Husband gloated..."Ha, I was right!" and called me "pig-headed." Anyway....I may be overthinking listing our assets, too, but want to meet the trustees requirements and not raise any red flags. Appreciate the offer of a pdf file and will take you up on it. When you list your applicances and TV, computer, electronics, etc, do you have to list the make/model/year, or just lump them? Thanks.....

When you list your applicances and TV, computer, electronics, etc, do you have to list the make/model/year, or just lump them? Thanks.....

No, I didn't give a make model or year (you are making it hard on yourself)... I just listed for example like this:

Vacuum- 10 dollars
couch- 25.00
tv- 25.00
fridge- 50.00
stove- 50.00
washer and dryer- 100.00
3 beds- 150.00
4 dressers- 200.00
2 end tables- 30.00
misc kitchen utinsels- 10.00

Seriously, think about what you would pay at a garage sale for a used washer and dryer set? Or for someones vacuum? Sure, if it was a kirby, maybe you could put a 100 bucks on it and get it..... but when you are selling stuff to get the money fast, you price it low.