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Savings Bonds, Kids Toys, and bad business...

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    Savings Bonds, Kids Toys, and bad business...

    I started my personal property list last night, and a few questions came up:

    When I am listing some EE Savings bonds, which are $50 savings bonds, but most are currently valued at around $30, I was wondering how to list/value them. My thoughts were to say "$50 EE Savings bond, Current Value $xx" and then put the current value as the replacement value. I have plenty of exemption, so they won't be taken, but I want to make sure they are listed correctly.

    Do *I* own my kids toys and clothing, or does my minor child, and I am holding them for him?

    I had a client for my sole proprietorship that refused to pay his bill of about $4500. Since he is refusing to pay, I believe he is no longer in Accounts receivable, and should be put down as a set-off (I just read the NOLO book in the last two days, and don't have it right next to me for reference, so maybe I am saying the wrong word. I wanted to ask this morning, so when I work on it tonight, I have some answers from you fine people). I have started debt collection against him, but I am still doing it myself, and haven't passed it off to a DCA. (I have talked with a DCA, and am following the steps they suggested before they take the account over).

    This same client, in refusing to pay my bill also "demanded" that I return the initial deposit for services rendered, although I do have a contract, and it very clearly states that his deposit is non-refundable, already applied to work performed. The law is on my side, and I don't worry about him legally being able to get his money back. The question is, should I list him as a creditor, so if he does try to sue me in the future, I can save myself the headache?

    I know it says that listing a creditor in a BK petition isn't the same as admitting I owe the debt, but this guy is skeezy, and when he gets notice from the Trustee trying to collect the $4500, I don't want him coming after me out of spite. The $4500 would also be able to be exempted, so would the Trustee even contact him? I kinda relish the idea of him getting debt collection from the Federal Government, since his refusal to pay is a big part of why my wages started getting garnished (I couldn't afford the medical bill that I am getting garnished for), and the kick-off to this entire BK. Plus, he's a jerk. Who has a history of not paying his 1099 contractors. Wish I would have known that before I began work for him.


    I don't have experience listing savings bonds, but how you propose to list them sounds right.

    According to Nolo, your kid's toys and clothing are your assets: Don't value them too high. They aren't worth much and the trustee isn't going to be interested in them any way.

    Even if you charge off the receivable on your books, the client still owes you the money. You should list the receivable as an asset. You should also list the client as a creditor. There is a place on Shedule F to mark that the "debt" is disputed.

    If you want the trustee to go after the guy, don't list the receivable as exempt. But, I don't recommend it. If the trustee tries to collect from the guy, it could delay the closing of your case even if it doesn't dealy your discharge. Better to just put the experience with the guy behind you and move on.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


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