Silly Q what's the difference between filing assets vs no assets?

[disneyrn]

I've read some threads where members are posting about filing with assets and no assets? We filed ch 7 where would I find if we filed with assets or no assets?

We have just shy of $125k in equity ( allowed $125k)
2 vehicles that aren't covered with the $2500 allowance both 1980s work trucks
2 quads each worth $200 each

Would the vehicles mentioned above be the assets?

Then we have my car with a loan and 2 others that we are using our exemptions on.

Thanks!

[DeadManCrawling]

When most people on the forum refer to "assets" they mean assets that are not covered under your exemptions. Your home equity is covered by that exemption. If it were higher, it would be considered an asset.

If it were higher, the trustee might or might not do anything with it, since the cost of selling real estate erodes the value as well. The Realtor fees and so on.

And in many, perhaps most, cases, trustees will sell non-exempt assets back to the debtor at a discount, to hasten the process and get some money for the estate, and themselves.

[disneyrn]

Thank you for clarifying it! My mind is going in
circles with this process and trying to stay at the top
of it!

When most people on the forum refer to "assets" they mean assets that are not covered under your exemptions. Your home equity is covered by that exemption. If it were higher, it would be considered an asset.

If it were higher, the trustee might or might not do anything with it, since the cost of selling real estate erodes the value as well. The Realtor fees and so on.

And in many, perhaps most, cases, trustees will sell non-exempt assets back to the debtor at a discount, to hasten the process and get some money for the estate, and themselves.

[btbeme]

Have you spoken to an attorney? I am not familiar with Washington's exemptions, but many states have separate exemptions for tools of the trade (such as work trucks).

The quads, unless covered by a wildcard exemption, might be at risk. Maybe.

[disneyrn]

Have you spoken to an attorney? I am not familiar with Washington's exemptions, but many states have separate exemptions for tools of the trade (such as work trucks).

The quads, unless covered by a wildcard exemption, might be at risk. Maybe.

We have an attorney who we hired, but was on vacation.
We're already using the tools of trade exemption for my husbands tools. They can take the quads if they want we haven't used them for over 6 years and don't even know where the keys are to start them. The work trucks are work trucks so if they want them, they can take them, but not worth enough time/money to auction off.

[btbeme]

We have an attorney who we hired, but was on vacation.
We're already using the tools of trade exemption for my husbands tools. They can take the quads if they want we haven't used them for over 6 years and don't even know where the keys are to start them. The work trucks are work trucks so if they want them, they can take them, but not worth enough time/money to auction off.

Washintgton's exemptions are pretty generous. I'd bet that your husband's tools are not worth the full amount of the exemption and that the trucks would likely fit in there jus fine. Your atty will know for sure.

Most of our "stuff", you will find, is pretty much worthless in a BK filing. But be sure to discuss with your atty the things that you might not otherwise ask about, such as the value of a client list, etc. You don't want any surprises from the Trustee. A good atty will likely lead you through all those "hidden" questions.

[disneyrn]

Washintgton's exemptions are pretty generous. I'd bet that your husband's tools are not worth the full amount of the exemption and that the trucks would likely fit in there jus fine. Your atty will know for sure.

Most of our "stuff", you will find, is pretty much worthless in a BK filing. But be sure to discuss with your atty the things that you might not otherwise ask about, such as the value of a client list, etc. You don't want any surprises from the Trustee. A good atty will likely lead you through all those "hidden" questions.

Thanks for the Information!!