Anyone had the trustee take things?

[DivorceRuinedMe]

Just curious as to what all I'm going to lose (not that I have a lot to begin with - LOL). I live in FL and the exemption is only $1000 for personal property. Where can I get a list of what is exempt (federally) and what isn't?

Also - if others could share what they couldn't exempt and what happened to the stuff, I'd appreciate it. I feel so alone right now and I think knowing that others are going through this and/or have been through it would really make me feel better right now.

[lrprn]

Just curious as to what all I'm going to lose (not that I have a lot to begin with - LOL). I live in FL and the exemption is only $1000 for personal property. Where can I get a list of what is exempt (federally) and what isn't?

Florida exemptions - http://www.bankruptcyinformation.com/FL_exemp.htm
Federal exemptions that supplement Florida exemptions - http://www.bankruptcyinformation.com/exempt-supp.htm (doubtful any of these are going to help you)

Unfortunately Florida is not one of the states that allows you to use federal exemptions instead of Florida's

Also - if others could share what they couldn't exempt and what happened to the stuff, I'd appreciate it. I feel so alone right now and I think knowing that others are going through this and/or have been through it would really make me feel better right now.

You have to remember that the valuation of your personal belongings is not what you originally paid, it's the resale value. What can you get for the household furnishings, clothing, appliances, etc. if you sold them at a garage sale or on eBay. The average total value of a US household is only $2-3,000.

Do you live in a neighborhood that is known to be wealthy? Do you have valuable jewelry, furs etc? If you don't and since you said you don't have a lot anyway, ask your lawyer if you list $1,000 as your personal property value, would this be challenged in your bk district? You may be worried about nothing!

[SinkingFast]

People come and go here. I don't think anyone currently participating has had any property seized by the Trustee.

There have been people here who've surrendered things. Mainly Old Law. Personal property that was specifically excluded or not considered Exempt. Mostly people settled with the Trustee for an agreeable $$$ amount.

One guy, Old Law, had to surrender an old gun, some golf clubs, and a dead computer. Old Law, computers were not Exempt. And evidently the guy didn't have an Exemption to cover the gun or the golf clubs either. Hard to say. A Pro Se filer. Maybe didn't apply Exemptions correctly??!!

Scooter, Post 20, 2nd page of this thread:

http://www.bankruptcyforum.com/showt...&highlight=410

One couple, Old Law, the Trustee came after their lawn and garden things and other tools. Here's the link to that thread:

http://www.bankruptcyforum.com/showt...ht=garden+hose

One couple had equity in a car and cash on hand they couldn't cover with Exemptions. Here's a link to that thread:

http://www.bankruptcyforum.com/showt...?t=5135&page=2

And here's one more I came across while searching for the other links:

http://www.bankruptcyforum.com/showt...ht=garden+hose

A Pro Se filer. No reference on what values they used or what State they filed in. Don't know how that one ended up. Poster never said.

You worry about what you may loose. Chances are, more than likely, the Trustee will settle with you for cash. Simpler, easier, and cheaper for the Trustee that way.

If the Trustee seizes property and sells it,..........

The Trustee has to pay you your Exemption. If you put $50 Exemption on an item, the Trustee has to pay you $50.

The Trustee has to pay the costs to sell your property. Realtor's commission, Auctioneer's fee, whatever sales professional. Plus associated sales costs.

The Trustee has to pay an accountant to keep track of the money. Maybe even an attny, lots of times themselves, to represent the Trustee's legal interests.

The Trustee gets a percentage of the money brought from the sale of property. I believe I read 25% of the first $5K and a sliding scale after that, but don't hold me to that.

The Trustee has to pay any Creditors that have an underlying security interest in the property that was seized and sold.

The Trustee has to pay any Priority Creditors. The IRS. Child support. Alimony. Whatever.

And finally,........... FINALLY,........... If there's anything left, Unsecureds get paid.