claiming possessions or not

[note4me]

What is the name of your state? Ca

I have been reading on Bankgruptcy since I'll have to file it once I get the money, and read that when you file for chapter 7, you have to list nonexception items, like camera, tv, and so forth.

Well my question is what if you don't claim them on the list? how do they prove that it's your possession and not someone else's? Does someone go to your house and look through your room and take it?

I have a collection of dvds and books, would they take those since they aren't except? what if I just let my sis borrow the items, could they do anything against that? I know if you trade it for another exception item for lower price is a no no, but if you trade a nonexception for the exception item for the same price it's ok. That is my interpretation of what I read in that book.

 

[legal_wonderer]

Trustees want things like cash, cars, trucks, boats, land, houses, etc. It is considered a "no asset" case if you don't have cash and big ticket items that can be sold easily.

lw

 

[Ladynred]

A Trustee isn't going to be interested in your books and dvd collection. Besides, even if they were, CA has HUGE exemptions so I seriously doubt you'd be unable to exempt all your stuff.. unless you're hiding a Rolls somewhere.

You must list ALL assets and you must list ALL debts, otherwise you can be accused of fraud.