topic Asset Question in Bankruptcy

Asset Question

AnakinSk — Wed, 30 Nov 2022 20:33:34 GMT

How does the court/trustee value non-designer clothes and shoes? Do you list every piece of clothing items that you own? I have quite a bit but I doubt if they're worth very much.

Re: Asset Question

WildestDreams — Wed, 30 Nov 2022 21:22:45 GMT

My lawyer had clothing and a $ I think 1000 not line by line of how many t-shirts or anything like that

Re: Asset Question

FireMedic1 — Wed, 30 Nov 2022 21:57:47 GMT

They're not going to come after clothing and shoes to try to recoup losses. Nor do an inventory. Place $1000. Good Luck. Now if you had $500,000 in diamonds and gold.

Re: Asset Question

SUPERSQUID — Thu, 01 Dec 2022 15:44:44 GMT

@AnakinSk wrote:
How does the court/trustee value non-designer clothes and shoes? Do you list every piece of clothing items that you own? I have quite a bit but I doubt if they're worth very much.

Your lawyer should know and be able to tell you the dollar amount in personal items you are allowed to keep in bankruptcy in your state. From memory clothing was a single item on the list, i was asked a value for all my clothing as a whole. its not one of the items they would be interested in, used clothing in a set size? Maybe the salvation army would be more interested in it.

Now if a few year old BMW is on your list of possessions, that might draw some attention.