New Member- Advice

[BKAttyMI]

I don't know about SC, but I know here in MI, a sheriff can do an "asset seizure", which means he can enter your house and seize anything of value you have to sell for the benefit of your creditors. Might want to see what the chances of that where you live are before you decide you're "collection proof", especially if these collections have sentimental value to you. I would wager that if you had actual market values placed on them, they would not go above your allowed exemptions in a bankruptcy.

[dem]

I found on my county sheriff's website, that only titled assets (cars, boats) are seized. Even if this were not the case, I would think it very hard for the sheriff to seize personal household assets because the exemptions are the same in SC as the bankruptcy exeptions.

"The Sheriff’s Office can only seize taxable, titled assets,i.e., vehicles, boats, planes, and real estate. Defendant’s property must be in the exact name as it
appears on your Judgment/Execution. Unless specifically ordered by a judge the Sheriff’s Office does not levy/seize on office equipment and home furnishings simply due to the difficulty of proving ownership with these type items."

[AbbeyA]

I look at it this way. Do you want to live the next 10+ years, waiting for the time when you can really move forward from this and live your life without "it" in the back of your mind? Or do you want to get the ball rolling and get this unpleasant experience over with and start living for now? Also, if your collectible assets are just a few thousand dollars over the exemptions, you can work out a plan with the trustee to "buy back" your own assets if you are an asset case. How much over the exemptions are you thinking they will go?

[dem]

Well using fair market value, probably not much over the $12,000 (if $12,000). Maybe even under, depending on the valuation. But, I still dont like the thought of filing bankruptcy. I will have to decide though.

[AbbeyA]

I don't think anybody likes the idea of filing bankruptcy. However, I can say that we are almost 2 years out from filing bk and I am so much happier now and feel much more hopeful about our future and the futures of our children. It wasn't an easy process to go through, but we are on the other side of it now and can truly put it behind us.

[AngelinaCatHub]

Well using fair market value, probably not much over the $12,000 (if $12,000). Maybe even under, depending on the valuation. But, I still dont like the thought of filing bankruptcy. I will have to decide though.

We too did not like to file. We had no choice. An 820 credit score, once worth 10 mil in land and cash, fortunately gave our land away to the State for a Park with life estate, and lost the cash to lawyers in a very evil 9 year serial suit/s with an enemy.

So, at the age above 60 we get to experience a whole new life style. We made it work for us, and enjoy a whole different value set. The peace it has brought to us as well as a different appreciation of values made a new start work. Get your problems behind you. You are mentally torturing yourself. You won't even see a Judge, and the 341 averages about ten minutes, 60 days and you are free. It is not hard to do and you have plenty of disposable time except that which you should be using looking for gainful employment. Get with it. 'Hub

[mountanddo]

I look at it this way. Do you want to live the next 10+ years, waiting for the time when you can really move forward from this and live your life without "it" in the back of your mind? Or do you want to get the ball rolling and get this unpleasant experience over with and start living for now? Also, if your collectible assets are just a few thousand dollars over the exemptions, you can work out a plan with the trustee to "buy back" your own assets if you are an asset case. How much over the exemptions are you thinking they will go?

I agree with this. You will be "stuck" in this situation waiting more than 10 years to get this resolved because your credit won't start to repair until after the 10 years is over and that may take quite a long time to repair. I have no choice, I am facing 25% garnishment. I'm not understanding why you would not file Chapter 7 if you know that there is no way you are ever going to be able to pay off your debt. $12,000 in assets that you are worried about IMO would not be enough for me to have to deal with creditors and judgements for 10+ years. You'd have to decide if that amount is worth all the years of having to "dodge" creditors and have your family support you. I freaked out when one server came to my door on a Saturday. I guess you have to choose whether or not you want to have to deal with the collection calls for the next 10+ years. I blocked all my creditors too..but they do have a way of finding you.

[dem]

Well,
I talked it over with a few people, and a good game plan is to sell some of my assets and use the money to live off of or for whatever I want. This way, if I do have to file in the future, I will not have to worry about being over the exemptions. So I've already started to do that, and plus I could use the spending money. Even so, I am still not convinced I will need to file. Reading some other threads on here (lady in NC was very similar to my situation), people in non garnishments states often dont file if they are collection proof and have nothing to lose. Ive confirmed that I fit that description, so I will just keep reading up and getting informed on the laws and processes, but bk is a nice option to have for sure.

[keepsmiling]

Glad you made a decision, and best of luck to you.
I do hope for your sake that you haven't overestimated the value of your collections. There used to be a great market for Beanie Babies.... once upon a time in place far, far away....

[AngelinaCat]

There also used to be a great market for turn of the century--1900s era--postcards.... 't ain't happening for me right now....
I can't even give them away for $5.00 each.

[mountanddo]

Sounds like you have it made. Getting assistance from family until you find a job, having some spending money and not having to file bankrupcy. You are a very lucky person.