quiltswithdogs

Is even one of you quilters a lawyer? I just heard that we have to declare all our possessions and the bankruptcy court can take them! Is that true? Can they take my sewing machine? Yikes!

What about our laptops, printer, camera, tv (~25in,older)? I'm losing enough already. We've just retained a bankruptcy atty but I'm afraid to tell him in case he is then required to report them. He told us that from now on we cannot sell anything or give it to a relative. How will they know? Do they come and make an inspection and write it all down or what? It will take me years to replace those things and with little money and being housebound a lot due to illness, all we have for entertainment is for DH: tv, camera, keyboard and for me: tv, computer, and QUILTING.

Pam Pollock

I'm so sorry Cathy, I don't know what they can take. Maybe someone here will know. I hope you don't have to loose your quilts. I would think you should be able to keep all your bedding & you use all of them I'm sure. I hope they wouldn't take your sewing machine etc. I'll keep you in my prayers!! (((((hugs)))))

quiltswithdogs

Thanks Pam, I'm not worried about my quilts. Except for 2 wallhangings + some pillows, all my other quilt projects were made for gifts so I don't have them.

pocoellie

I'm sorry you're having to go through this, Cathy, I hope someone on board either knows the answer or knows someone who does. Hopefully, they don't mean you'll have nothing left except the clothes on your back, I've read stories about people declaring bankruptcy and still keep their cars and everything-don't know how that works.

Shemjo

I am so sad you are having to go through this. Just know you are not alone. Prayers and hugs.

sandpat

I hate to hear you are going through this...but I don't think they can take your home, cars or sewing machine. Now if you happen to own a huge yacht, 2nd and 3rd vacation homes, huge warehouse full of sewing machines and tvs...then you might just need to worry. Hopefully someone on here knows the real answer...but I don't really think you need to worry.

Mousie

I live in Florida, and here, you are allowed to have a certain amount of household stuff...they have you fill out ppr work, adding the value...garage sale values, as your stuff is not new.
You can only own so many dollars worth of vehicles, etc.
You need to get this info from your lawyer, and if he is a good bankruptcy lawyer, they work to help you keep as much as possible, giving you advice that helps YOU.
I don't think you have any worries about your sewing machine, tv and the like. Estimate your values low, as stuff doesn't go for much these days. They will not question it, unless they see something really oddball about your statements. ok? hug, I know it is stressful.

Esqmommy

I'm a lawyer, although I do not practice bankruptcy law - just family law (divorces, custody, etc). I think that you have to value items over a certain amount. For example, if you purchased a sewing machine for $2500 with a credit card in the past 6 months, then the trustee would probably have the authority to sell it in order to recapture funds for the BK. I would ask your lawyer general questions about personal property, what you can keep and how things are valued. For example, would the trustee value a computer or sewing machine at garage sale value (most likely) or what? I really do not think you have ANYTHING to worry about. It is very important that you do not hide anything or try to put one over on the court (that's called perjury), but I also don't think the items you described, unless purchased in the past few months on a credit card, are going to become issues at all. I have had multiple clients claim BK and really the issues are the debt, the house and the cars.

Bevanger

I saw a commercial on bankruptsy and the guy says No you can keep your car, house etc

Mplsgirl

Oh, Cathy, sorry you are going through this. Do be upfront with your attorney. He is YOUR advocate.