Bankrupt

[BFranklin]

I'm about to declare bankruptcy and I have a question. What happens to the things I own? For example I have 3 guitar that I've had for years will they take them from me as well as my computer, tv and other things I have? I'm just not sure how it works.

Thanks

[Sarge]

Best I can tell it depends on the State.

CA let's you keep some personal property from what I can see.

Go to google and type in what personal items can I keep in Bankruptcy in (insert name of State).

Good luck.

[ghengis86]

I...declare.....BANKRUPTCY!

[ARealConservative]

I'm about to declare bankruptcy and I have a question. What happens to the things I own? For example I have 3 guitar that I've had for years will they take them from me as well as my computer, tv and other things I have? I'm just not sure how it works.

Thanks

in a fair world, yes. Others should receive the compensation they have coming, even at the sacrifice of your guitars and computers, tv's, etc.

[CMoore]

It varies from state to state, but a certain amount of your property is exempt and can't be taken from you and given to your creditors. That is the "fresh start" bankruptcy provides you. The idea is you can retain enough property to help you begin anew. Your attorney will explain it all to you.

[psi2941]

I'm about to declare bankruptcy and I have a question. What happens to the things I own? For example I have 3 guitar that I've had for years will they take them from me as well as my computer, tv and other things I have? I'm just not sure how it works.

Thanks

you should "Sell" them to your mom or family for .01 cents then after bankruptcy rebuy them back for .01 cents.

[hugolp]

you should "Sell" them to your mom or family for .01 cents then after bankruptcy rebuy them back for .01 cents.

Isnt that considered fraud?

[bobbyw24]

Isnt that considered fraud?

Yes-that will cause major issues in a bankruptcy case.

I am a bankruptcy attorney.

What state do you live in? I can send you their exemption statutes.

[BFranklin]

Florida

How will they know what items I have? Right now I'm on unemployment, living with my grandparents (I moved back in after losing my job) I'm almost done with school to be a teacher. I have a used car which I know I can keep but all my other items are pretty much my bed, laptop, guitars and a tv that isn't worth anything.

[bobbyw24]

Florida

How will they know what items I have? Right now I'm on unemployment, living with my grandparents (I moved back in after losing my job) I'm almost done with school to be a teacher. I have a used car which I know I can keep but all my other items are pretty much my bed, laptop, guitars and a tv that isn't worth anything.

I am licensed in Florida. Here are the exemptions:

http://www.floridabankruptcylaws.com/exemptions.html

http://flsenate.gov/Statutes/index.cfm?App_mode=Display_Statute&URL=Ch0222/ch0222.htm

Since you don't own a home, you may exempt and keep $6,000 worth of personal property. If you're car is worth, say $4,000, you may exempt $2,000 in other poperty like bank accounts, clothes, jewelry, TVs, computers, guitars, tax refunds, etc.

You will file a Schedule B showing your assets and their values and a Schedule C to exempt them. Forms can be found for free here:

http://www.uscourts.gov/bkforms/bankruptcy_forms.html#official

It is rare that the trustee will have an appraiser go to a debtor's home, but they have the right to send someone if they think they have a reason (like you live in a mansion but have only $50 of furniture).

Here are FAQ:

http://www.floridabankruptcylaws.com/faq.html

http://www.flmb.uscourts.gov/faqs/

Here is the process:

http://www.flmb.uscourts.gov/faqs/