Assets and Bankruptcy Chapter 7
Date: Mon, 07/13/2009 - 10:28
I have a collection of firearms and also a collection of musical instruments. Both have great sympathetic value to me and neither are worth anywhere near what I paid for the items over the years.
I want to file a Chapter 7 bankruptcy but I do not want to list these things as assets. (I had a significant business failure and have about $110,000 in credit card debt) There is no "title" on any of the items as there is with for instance an automobile.
Would I be taking a chance by neglecting to list these items as assets in a filiing? Is there anyway the opposing side(s) could find out about these things? Note: some of the items were purchased with credit cards, but none within the past couple of years.
Thanks for your help!
I want to file a Chapter 7 bankruptcy but I do not want to list these things as assets. (I had a significant business failure and have about $110,000 in credit card debt) There is no "title" on any of the items as there is with for instance an automobile.
Would I be taking a chance by neglecting to list these items as assets in a filiing? Is there anyway the opposing side(s) could find out about these things? Note: some of the items were purchased with credit cards, but none within the past couple of years.
Thanks for your help!
What assets? ;) Seriously, each state has a personal exempti
What assets? ;)
Seriously, each state has a personal exemption amount that you can claim to retain certain assets. Consult with your attorney about your situation.
Submitted by desperatelyseekingsanity on Mon, 07/13/2009 - 12:20
( Posts: 1129 | Credits: )
I was told $4000 is the limit where I live. The value of my car
I was told $4000 is the limit where I live. The value of my car, guns and instruments is more than that I would think.
That's why I asked a question a while back about BK audits. I t
That's why I asked a question a while back about BK audits. I think that's the only way they would find out what personal property you have, unless it was detailed in an insurance policy.
So I wonder, in a BK audit, does someone go through your house and inventory your stuff?