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Buying Exempt Items With Cash

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  • Buying Exempt Items With Cash

    I am waiting for foreclosure to file chapter 7. I have no assets and SS and ERISA pension income with an upside down house I am planning to surrender.

    My TV quit working and I bought a new TV with cash.

    A friend who knows my situation thought I may need to change the information I gave the attorney because the old TV had little value and the new one has a new item value. My question is; if I paid cash as I did how would anyone know? Secondly as I have not filed yet and did not use a CC would it even matter?

    I am now going into my fourth month without making any mortgage, HOA, or CC payments. It is stressful and I think I am becoming a bit paranoid in the process.

  • #2
    Whether anyone would know is irrelevant. You must accurately list and value your assets on your petition, no matter how you paid for them. Otherwise, you will be committing perjury when you sign your petition. Tell your attorney about the new TV.
    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!


    • #3
      Since it possibly could be a year or two before you file, I don't think you have to rush to call your attorney. I suspect you will have to adjust a number of things before filing. I would just keep track of things, and make all your adjustments when it comes time to file. A $500 TV may not be worth much by the time you file anyway.


      • #4
        Thanks for the posts.

        It has been almost 3 months since I spoke with the attorneys and filled out an asset sheet. From what I read I will need to fill out another when I do file.

        Also, since those first consultations 3 months ago I have sold almost all my furniture because I plan a cross country move. I was lucky to get $.10 on the dollar but I did get some money. When I finally do hire an attorney there will not be too much exempt property to claim. I realize I must claim my new tv plus whatever else is in my possession at the time of my filing.
        The money I got will go towards paying my attorney and some items I need for moving. Should I be concerned about the money I received for those sold items? All items where exempt. I have not filed yet nor have I hired an attorney.


        • #5
          If you haven't hired an attorney yet, there is definitely no reason to update any attorney you've consulted with on changes in assets.

          You don't need to be concerned about items you sold as long as you didn't sell them to family members. You can tell the attorney you eventually hire about the sales, but it probably won't make any difference.
          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!


          • #6
            Let's not kid ourselves here. Unless you bought some fancy "whiz-bang" plasma TV, the moment you opened the box and plugged it in, it's worth $100 tops, if that. Ever tried to sell a used TV at a yard sale, or pawn shop? A CRT TV can't even be GIVEN away, and a moderately-sized LCD or LED would be lucky to go for $80 to $100. You should put YARD SALE VALUE or WHAT A PAWN SHOP WOULD GIVE YOU for the item--not what you paid for it new. There's nothing dishonest about that. You don't want the trustee to come after you for assets which really have negligible value, and would be exempt anyways.


            • #7
              bcohen (first LOL!) you are so right. who gives a rats behind about a TV unless you added on a media room onto the house and had a movie theater! that's like saying in today's world if your stove broke down and you can no longer cook for your kids and you MUST replace it during the time you are filing must you list that purchase as an asset. while a TV may not be as essential, it's certainly not worth even a mention to anyone for any reason. i HATE when people attempt to intimidate people that are going through bk that they can't eat sleep or poop without telling their attys this is simply scare tactics and ridiculous. i understand many people get paranoid and are scared while going through this, but the reason you are even concerned is because you are honest, most likely to the bone. that is the key here, do not over think things and do not let people make you afraid and make you think because you chose to buy the more expensive toilet paper you need to report this to someone. really gets my goat!!
              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! and all are welcome to bk forum's Florida State Questions and Answers on BK


              • #8
                Nobody is trying to scare anyone. If you give the attorney who is going to file your petition information and that information changes, you should tell the attorney. Nothing scary about that. A petition should be accurate and an attorney can only prepare an accurate petition if he has up-to-date information.
                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!


                • #9
                  that wasn't directly at you personally lady, it is an opinion which i have seen as a pattern through out the years by some. i simply do not agree with the fact ones atty needs to know and examine ones daily life and report everything like a criminal while going through the process. i have seen this repeated advise by many on the forum and totally disagree with that type of advise. if one is totally honest that is all that matters and certain things are left well enough alone as in the scheme of the whole.

                  people going and living through a bk are under enough stress, guilt and many times so lost and scared to even buy food it needs to be put in proper perspective.
                  8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! and all are welcome to bk forum's Florida State Questions and Answers on BK


                  • #10
                    Thanks for all the posts.


                    In my case you hit the nail on the head. I sold most of my household exemptions because I will be moving cross country and hiring a mover was/is not practical. I was stunned at offers I had to take in order to sell them. Ballpark estimate would be about $.10 on a dollar. I paid $380 for the new tv and when I looked at a used comparable it asking price is around $100. If I used a local sales network, craigslist, or ebay my new tv is now worth $100 or B.O.

                    I talked to an attorney's assistant since I posted this thread and was told I will need to file a new disclosure simply because it has been three months since I filled out the first one. It is a good thing too as my of what I first listed is now sold.
                    (BTW, the money from those sale items will be used to buy moving items, (i.e., car top carrier), and to pay for my attorney.

                    I am now living the minimalist life with only a bed, office chair, folding table, TV, two laptops, two lamps, and enough kitchen items to cook and serve basic food. The next disclosure sheet will be very easy to list my exempt items.


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