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Bankruptcy steps please

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    Bankruptcy steps please

    Can someone explain the steps of a chapter 7?

    Please highlight things like the list you have to give the trustee.
    How detailed does it have to be. Do you only list things of value?
    What about clothing do you have to give them a count of pants/shirts etc.
    One of my boys has tons of hand me downs, they are not worth much but do they need to knoe everything we have?
    I'm going by what dh told me FIL said. Which i think confused me more.
    FILED CH7: 03/20/09
    341: May 11th, 2009
    DISCHARGED: July 13th, 2009

    #2
    Garage sale values only will suffice.

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      #3
      I have read that, but what exactly do we have to list? Anything of value? Do I have to list small things, if they have little or no value? Ex. office supplies, pens, electric pencil sharpener, paper shredder? Kitchen stuff, what do they allow, electric can opener, blenders etc? I have seen unetensils but what about kitchen electrics how picky are they?
      FILED CH7: 03/20/09
      341: May 11th, 2009
      DISCHARGED: July 13th, 2009

      Comment


        #4
        I would somewhat generalize while still being specific, such as: Kitchen furniture $XXX Kitchen Appliances: $XXX Kitchen small appliances and other items: $XXX
        Bedroom Furniture: $XXX Debtor Clothing $XXX Co-Debtor Clothing $XXX Children's CLothing $XXX Etc. The trustee is interested in the big ticket items such as furniture, appliances, electronics, jewelry, and firearms. The clothing, can openers, blender's etc. are worth very little by garage sale price standards and are not what they are interested in.

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          #5
          Thats what i figured but was told we had to be specific in the items. DH said items like tv's we had to give model numbers. We don't have any big tickets items. DH has a big screen but its over 10yrs old.

          Oh are we able to give info about the items, like out bedroom set is over 10 yrs old, got broken when we moved so not worth much. But if we put a low amount do you think they would question it not knowing how old the set is?
          FILED CH7: 03/20/09
          341: May 11th, 2009
          DISCHARGED: July 13th, 2009

          Comment


            #6
            In. Ca. the exemption states items are exempt to $450. each. So does that mean we dont have to list those items under 450 each?

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