What is the name of your state? IN
I have an appointment Friday to file chapter 7. I have received my petitions from the lawyer, made all the corections and got a fair market analysis on my house (which I plan to keep) In IN you are allowed a 7500$ exemption for houses. I owe 72,000 and the analysis showed a value "range" of 69 to 76, so I am in the clear there even if the trustee goes with the highest number. I have another property that I am surendering, and 1 car I finance (that I also plan to keep) I am current on the car and house I am keeping. The only other assets I have beside the furniture is a 1200 1985 car in need of some repair to drive, a 500$ 60's pickup truck and a motorcycle frame with an assembled title (200$ at a swap meet if I am lucky) On the petition it didn't show under "property to keep" the truck, car or frame. Only reason I listed the frame is because of the title being registered with the DMV I didn't want the trustee to think I was hiding a complete motorclye. Question is, do they take these cheap cars and try to sell them? I really don't "own" anything of great value other than the house I live in. For years money just went to bills and more bills. Bank records show that we don't have great vacations or wild expenses. I am, just nervous now since it is getting so close to filing, as to how the process works with your "assets"
I have an appointment Friday to file chapter 7. I have received my petitions from the lawyer, made all the corections and got a fair market analysis on my house (which I plan to keep) In IN you are allowed a 7500$ exemption for houses. I owe 72,000 and the analysis showed a value "range" of 69 to 76, so I am in the clear there even if the trustee goes with the highest number. I have another property that I am surendering, and 1 car I finance (that I also plan to keep) I am current on the car and house I am keeping. The only other assets I have beside the furniture is a 1200 1985 car in need of some repair to drive, a 500$ 60's pickup truck and a motorcycle frame with an assembled title (200$ at a swap meet if I am lucky) On the petition it didn't show under "property to keep" the truck, car or frame. Only reason I listed the frame is because of the title being registered with the DMV I didn't want the trustee to think I was hiding a complete motorclye. Question is, do they take these cheap cars and try to sell them? I really don't "own" anything of great value other than the house I live in. For years money just went to bills and more bills. Bank records show that we don't have great vacations or wild expenses. I am, just nervous now since it is getting so close to filing, as to how the process works with your "assets"