What I know about BK is zip! I'd appreciate any help you can provide from your experience.
I've been helping my elderly, widowed neighbor pack up her home to be ready when the next shoe drops which will be soon. She filed Chpt 7, the house is in foreclosure so she knows she must be ready to go as soon as possible. She had a small home-based business selling pet food which was good until the economy turned sour. She too, got caught in the CC rate jacks and just couldn't keep up.
From your experience, what type of assets are creditors looking for to satisfy their liens? And what do they let you keep or get rid of yourself? She has very
little of any value except to herself. An old piano, pictures on the walls, freezers, tv, family heirloom glassware etc..
What about a herd of old goats? (don't laugh, I was thinking the same thing! 
She listed these as an asset, but in all actually, they're just another liabilty!)
These are old breeders, another business she was in years ago, but now are just pets. I suggested she donate them to the school ag department so
kids can experience and learn about them? She's afraid of the "Feds" and prison time, I'm not afraid of the devil himself!
I thank you in advance for your help!
D-R
@Desert-Rat wrote:What I know about BK is zip! I'd appreciate any help you can provide from your experience.
I've been helping my elderly, widowed neighbor pack up her home to be ready when the next shoe drops which will be soon. She filed Chpt 7, the house is in foreclosure so she knows she must be ready to go as soon as possible. She had a small home-based business selling pet food which was good until the economy turned sour. She too, got caught in the CC rate jacks and just couldn't keep up.
From your experience, what type of assets are creditors looking for to satisfy their liens? And what do they let you keep or get rid of yourself? She has very
little of any value except to herself. An old piano, pictures on the walls, freezers, tv, family heirloom glassware etc..
What about a herd of old goats? (don't laugh, I was thinking the same thing!
These are old breeders, another business she was in years ago, but now are just pets. I suggested she donate them to the school ag department so
kids can experience and learn about them? She's afraid of the "Feds" and prison time, I'm not afraid of the devil himself!
I thank you in advance for your help!
D-R
Tell your neighbor not to worry. She's not going to Club Fed.
It varies slightly from state to state, but basically she can keep her household goods and even a certain amount of equity in her home. The trustee is only looking for assets which can easily be turned into cash and, although used, have a decent resale value at fire-sale rates. That $10,000 flat screen TV you bought last year only has a resale value of about $100 now and they won't even bother with it. And unless those goats can sing and dance, they won't want them. 
An extremely good resource that should put her mind at ease is Nolo's Bankruptcy Guide. You can find it at your local library.
@Anonymous wrote:
....unless those goats can sing and dance, they won't want them.
Oh..... the visual on that one!!!!!!
Thanks for taking the time to answer. I passed the info along to her.
D-R