what does this list of assets look like?

I am talkingt o a lawyer tomorrow, but we are freaking ourselves out in the meantime with how we could possibly make a list of everything we have in our house....I mean do we say box of misc tools or do we have to say hammer, 10 nails, 2 phillipshead screwdrivers....??????

If we have to be detailed to a huge level we will be doing this forever! granted we will find all the things we have been looking for over the years! But still....can anyone please help me out asap???

Thanks!

I am in MI if that makes a difference

[Ladynred]

Don't get yourselves in a tizzy making detailed lists. Basically you make it one line: Household Goods $xxxxx.xx . I hope your lawyer told you to use garage sale-type values for your things. The value considered there is the quick-sale value, not what you paid or the replacement value. If the asset list for you state breaks out specific types of items, just make them one-liners too, just make sure you get it all valued inside your state's exemption limits

Hope this helps !

[nailtech]

our lawyer gave us a pre list of things to use..... we added things that were not on the list**************
they actually asked how many underwear I own,..... how many bra's too..... each thing was itemized,. some things were generalized like, misc. tools @ 5.00
10 pair of underwear at .05...... misc T-shirts... etc...

[Ladynred]

That sounds pretty intrusive and hardly necessary !! What difference does it make HOW many pairs of underwear you own in a bankruptcy ?? Who would you, COULD you sell them to ??? LOL. Maybe it has to do with your state, but here in TN, ALL clothing, and the trunks to hold them are exempt !

In MI, the exemption for Personal property is $3500 ( including your home). Clothing falls under Personal property. So.. who cares how many panties you have.. are they worth more than $3500 ??

I think it would be safe to say you can list your personal property as a one-liner as I stated before.

Nailtech.. ouch.. glad I don't live where you do !