What can I keep?

[mdrummer5]

What is the name of your state (only U.S. law)? Ohio

I'm going to be filing chapter 7 in the near future (I've already confirmed that I'm below the median income for my state) and I'm curious as to what possessions I will be allowed to keep. I'm not planning to reaff on the house but I am planning to keep my car which I know both can typically be kept.

I'm most concerned with a computer I purchased fairly recently. My old one died out and I need a pc for work as I sometimes work at home due to a 20 mile commute sometimes made worse by the weather. I hadn't planned on filing when I purchased it obviously but I did put it on a credit card.

Is there any way that I will be able to keep it?

I read that you can keep "tools of trade" valued up to $750 and it is valued less than that, I just figure they'll probably question it since it was a fairly recent purchase.

 

[bigun]

Nobody wants used consumer goods.
If you used a regular MC/Visa for the purchase and it was over $600 just wait over 90 days to file. It becomes unsecured debt.
If it's a storebranded card like Dell or BestBuy they have a security interest and your lawyer will be able to negotiate a settlement based on fair mkt value.

Looks like Ohio recently increased exemptions.

September 2008 :: Cleveland Bankruptcy Lawyer Blog

 

[mdrummer5]

Thanks bigun...other question. I'm also in the midst of a divorce. Assuming the trustee allows me to surrender the house (not sure why they wouldn't) but my wife (soon to be ex) doesn't file...can family court rule that I still have to pay the mortgage?

 

[bigun]

Sorry, I don't know anything about family law.

 

[mdrummer5]

No apology necessary, honesty is appreciated much more than trying to make something up