Hi could someone please advise me when declaring bankrupt what sort of household assetts are allowed 2 b taken?

Every state allows ';exemptions'; in Ch 7 bankruptcy. These ';exemptions'; allow you to ';exempt'; (from being taken by the trustee to repay creditors) certain items. In many years of working for a bankruptcy law firm, I have never seen ordinary household items taken by the trustee to repay creditors. Ordinary household goods are almost always able to be exempted.





The one possible exception might be if you have some kind of very expensive single luxury item recently purchased and fully paid for (e.g., a very expensive, multi-thousand dollar home entertainment system), which might be difficult or impossible to exempt, and which might have enough resale value to be of interest to the trustee. Another - at least theoretical possibility - might be if you have original artworks worth many thousands of dollars hanging on your walls, which are fully paid for and therefore have value that the trustee could tap into. These situations are very rare though, and usually only affect the wealthiest of individuals filing bankruptcy.





Generally, though, most people overestimate the value of their ordinary household goods. When estimating the value of your household goods, think, ';garage sale values'; (i.e., how much would I get for this if I tried to sell it at a garage sale), not ';how much did I pay for it when it was new.'; Most used household goods, even if not able to be fully exempted, simply aren't worth enough for the trustee to be interested in taking them and selling them for the few bucks that might be generated by their sale to repay creditors.Hi could someone please advise me when declaring bankrupt what sort of household assetts are allowed 2 b taken?
That can vary from state to state. Also, there are two different types of personal bankruptcy with different requirements. You absolutely must talk to a bankruptcy attorney in your state.





Generally, if you haven't paid for it, you don't keep it, including your house %26amp; car. Any financial assets or ';liquid'; assets also usually go to pay off your debts: bank accounts, CDs, stockbrokerage accounts, real estate, etc. It is also possible in some circumstances to have jewelry, clothing (evening gowns, furs, etc), household furniture %26amp; furnishings, antiques, etc, sold at auction. Only a bankruptcy attorney in your state can advise you on the specifics of your situation. Get a lawyer! Do not file anything until you have consulted one and the attorney advises which form of bankruptcy (if any) is appropriate.Hi could someone please advise me when declaring bankrupt what sort of household assetts are allowed 2 b taken?
I would advise you to go speak to a bankruptcy lawyer. Once you tell him how much is owed and what you have then he will be able to better tell you what if anything can be taken.





Normally (around my area anyways) a lawyer will speak to you the first time for free.





I do have to add thou, I filed for bankruptcy and they did not take anything at all. I am still in the same house I had then. But my husbands name was also on the stuff to.