Unsecured assets?

[doc10house]

Another one. I'm not looking to commit fraud. I just don't want to lose anything we don't have to lose.

Hypothetically, if we had a piano and my in-laws had a place to put it in their home, and we paid cash for it 3 years ago, so there's no secured debt and such, and we let them take it and didn't declare it as an asset, is there any way a trustee could find it?

I'm not "scammer" here. I don't want to do ANYTHING unjust. I'm just exploring all possible options.

[Minnymouth]

Even though the piano is an unsecured asset with nothing owed against it..... it is still an asset.

Yes, you can do whatever you want with it, BUT when the trustee ask you "in the last 6 months have you gotten rid of any assets or transfered property to anyone, can you look him in the eye and lie and say "no"!!!

You know the piano is something he can take and sell...... but it may be exempted in your houseold goods...... or could be exempted on a wildcard.....

Have you discussed this with an attorney??

Is keeping the piano worth having your case dismissed........?

[SinkingFast]

We just went thru moving. A piano was part of the things we did not want to move. AGAIN. I called more than a few churches and private schools trying to get someone to come and pick it up. For FREE. No strings attached.

The piano plays beautifully. It's circa 1960 so it has a wood sounding board. Spinet style. One of the short up rights. Baldwin with an Acrosonic key mechanism. Thought sure some Church would want it as an extra piano for youth groups or something. Nope.

We had already gone thru listing and inventorying our Household goods with the attny before the move so the piano was already listed. When we valued it with our attny at the time we did all our papers, I told the paralegal I'd seen one in the paper years ago. As in 15-20 years ago. It was $1000 then. Don't know what she wrote down as the value for the piano but ours was covered by exemptions and we're no asset.

Basically, if it isn't a baby grand piano, or some super sought after exotic brand, it isn't gonna be worth much. Used instruments as a whole aren't worth much. A riding lawn mower that costs thousands new is only $100 on a Household inventory list.

Claim it as part of your Household Items. If you don't have space to keep it in the new place then move it to your in-law's place to keep for you. I don't see any harm in them storing it for you for the future as long as you claim it as a part of your household items.