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Asset Question

AnakinSk
New Visitor

Asset Question

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. 

Message 1 of 4
3 REPLIES 3
Hoffy08
Valued Member

Re: Asset Question

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

 

trying to get to the garden
Message 2 of 4
FireMedic1
Community Leader
Super Contributor

Re: Asset Question

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. Smiley Very Happy




Homeowner since Sept 2020. 2021 Explorer ST Chase 3.1%. Sharing my experiences after BK from learning here. Started 540's.
Message 3 of 4
SUPERSQUID
Valued Contributor

Re: Asset Question


@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.

 

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