Chapter 7 - Bankruptcy Form Question(s)

[AngelinaCat]

Make a note in your paperwork that 'thus and such Account #12345', is the same as 'this and that Account #678910."

Since you are a pro se filer, look for threads and blogs by Justbroke. He is our premier pro se filer, having first filed a CH13, then converted to a CH7.

[bianci]

Thank you again!

BTW, sorry for all the questions, but do you happen to know if, to make a federal exemption claim on Schedule C for tools of the trade, do you have to actually be licensed in the trade to be able to claim it? My hubby is currently not licensed, but we want to claim his tools of trade: ie- computers & construction consulting software, etc. equipment under the fed exemption "Tools of Trade Exemptions - Implements, books, & tools of trade to $2,300 - 11 U.S.C. § 522 (d)(6)"?

[AngelinaCat]

No. It is my understanding that if you have tools that you use on a regular basis for your work, even if you are doing 'odd jobs' here and there, then you can claim them.

The trick is to know whether or not your State (or the Federal Exemptions) allow them. We dutifully listed all of 'Hub's 7 computers and his test equipment (he does computer consulting now and again, and many of these machines were his 'test fixtures') only to find out, after the fact, that Florida does not allow a 'Tools of the Trade exemption'.

It would have been nice for our attorney to let us know this fact up front. We were using 'canned forms' that I think are used everywhere.

Our attorney actually led us wrong in many different instances, costing us many hundreds of dollars more than needed, had she properly educated us in the BK process.

We did not find this forum until well after we had made our mistakes.

[AngelinaCat]

I also see that you are in Michigan. Look for posts, threads by forum member, 'TheBajan'. She filed a CH13, but see what she has to say.

Also, there is an attorney from Michigan that posts very irregularly. Look for that one. I do not remember the username, but if I find it, I will post it to you.

[bianci]

Wow - thank you so much, AngelinaCat. I plan to use the Federal Exemptions including the tools of trade and wildcard, which Michigan does not have. I think I am finally almost done with all of the forms. Tell me if you know, was this the most grueling of the process? I found it most grueling and difficult - does it get worse with the meeting of the creditors? After I file these forms, I will look for the posts you mentioned and learn as much as I can.
I am so sorry to hear that your attorney didn't explain the Florida exemptions well enough for you. You have been so much help to me today, and I can't even begin to thank you enough!

[AngelinaCat]

Be sure that you are using the Federal Exemptions everywhere. You cannot 'cherry pick' between State and Federal.

Here is a link to a webpage of useful information regarding Michigan Bankruptcy.

Yes, filling out the forms was the most grueling part. Thankfully, the attorney DID tell us to use Categories such as 'Assorted pots and pans'; 'Assorted kitchen utensils' when itemizing our household items. Otherwise I was counting every single fork, spoon, and knife--right down to the 'paring knife with broken tip'--with which I was ready to do myself in!

And all of your valuations on your things are what you would reasonably expect to get if you held a yard sale and had to get rid of your stuff--especially if a big fat black rain cloud is hanging overhead.

[bianci]

Thank you so much. I did use Fed Exemptions on everything. Yeah, I think (i hope) I did the valuations ok - I tried to be very honest with what I (we) have and what I think its worth, but some stuff is so old (and not in an "it being an antique" way) that I can't even find a similar item on the internet to compare. At first we thought we were going to have to list each item, and were about ready to pull our hair out, but did list typical household furnishings, cookware, etc as I saw others had done. Thank you so much for all of your great tips and help. I'm getting ready to go and submit all of the forms now.

[AngelinaCat]

So, did you make your self-imposed deadline, and how do you feel tonight?

[bianci]

Summaries, Declarations, Assets, Financials and Schedules A~J filed ...phew!

AngelinaCat,

I filed at lunch and the nice clerk lady (that said she remembered me ) told me that everything required by yesterday was there and that it all looked good. Sorry for not posting last night, as I felt so tired and exhausted and... well, numb. I signed-in here, but then got called away and alas had to sleep.

Thank you for thinking of me – I was really second-guessing myself a lot after I turned everything in, probably to the point of driving my Hubby crazy, but now I’m ok with it. It is out of my hands, and hopefully everything is all filled out correctly. I can’t even begin to express how grateful I am for your help with my questions. I appreciate the support and the encouragement, and I’m sure I will have more questions along the way. Thanks again, and I will be checking out the posts you mentioned earlier. ;-)

[bianci]

Making amendments to filed forms ??? :-(

So, does anyone know anything about -- how to amend what you've already filed -- pre- a 341 meeting (which for me, is in 3 1/2 weeks from now).

Forms I think I need to amend:

• Form B7 - Statement of Financial Affairs (one line item)
• Schedule B (forgot Paypal account of $80.)
• Schedule C ( " " " " )
  Summary of Schedules (need to adjust totals, due to the above)

Thank You.

[bianci]

Hello again --

Does anyone know if it could/might be a problem that I forgot to list $83.00 (in my PayPal account), on my Schedules B & C ?
Which of course also affects the total on my 'Summary of Schedules'.

Has anyone heard of a Trustee asking about PayPal accounts, at 341 meetings? If not, does anyone think (an $83. PayPal acc.) is worth amending my Schedules over?

I have 10 days until my 341 meeting.

If I add the $83. Paypal acc. info. to my B, C, and Summary Schedules... I need to do it today, and file it tomorrow, as I'm also making a few amendments to some omitted tax info., on the same Schedules, etc. (that I just included with the required info. mailed to my Trustee, yesterday).

Or, is a 'PayPal account possibly not considered an additional 'other Financial Accounts' (as per 'Type of Property' #2 on Schedule B - Personal Property)?

Thanks so much, if anyone can help with this Paypal question !! ;)