Personal property protection in Bankruptcy?
admin | Apr 06, 2010 | Comments 5
Hello dears Thankfulness for all the aid in past . another Question?
We have nothing to take from us we have lost our home etc and as said before went to seniors apartment .about 750 sq feet 3 place to stay . Low income . can the creditors force you to sell your furniture? we do not eevn have a sofa only 2 chairs.a small table to eat on from thrift store cost $20.00 bed tv the normal things . so question is . do we need to worry about losing our furniture . ? thankfulness in advance for all the kind answers they have been so comforting in the past Sincerly Patricia
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Filed Under: Bankruptcy
They potentially could, only if you had programmed them as assets to secure a loan. Other then that, most likely not. Preeminent to you in your situation.
You should call a lawyer to make more specific advice that applies in your area of residence. That said, the allowances are surprisingly liberal. They will normally allow you keep a specified amount of jewelry and personal items, and what you have does not sound as even if it would have been used to secure anything. The rules have become more strict in recent years, but, I reckon you may be in for better than you expect. Often lawyers that handle bankruptcy will allow you to consult with them, so try to find one you can speak with.
When this is all behind you, try to find a bankruptcy colloquium. They can give you sound advice on how to proceed to build back your life.
I wish you the preeminent of luck.
Initially of all if you filed bankruptcy and those creditors were included then they are breaking the law by contacting you. Your attorney can place a stop to it so let that person know.
In bankruptcy proceedings you are required to list all your assests; homes, boats, jewelry, furniture, insurance policies, bank accounts etc. You are allowed to keep a certain dollar amount of personal property. Anything over that amount and you can be forced to sell those items with their value going towards your debt. Your attorney should have advised you what your situation was and if selling anything would be necessary. Make with your attorney and find out if maybe they didnt clarify a touch well or if you are proceeding as you should.
Having been through all this myself in the past as upshot of a nasty split, I can caution you not all attorneys are competent. And I can caution you that creditors will try all means necessary including lieing to you and breaking the law if they reckon it will make them the funds you owe. You must make them stop most times. Simply advise them the debt has been included in bankruptcy, give them the cause number, your attorneys name and contact number and advise them that if they call again you will file suit against them for hurts resulting from their harassment.
Most importantly, keep track of the companies and the representatives that call you because you do have recourse.
It is highly unlikely. It depends on how much your goods are worth and how much personal property is exempt in your state. But, I will repeat, under your circumstances, it is highly unlikely.
I don’t reckon they’d be interested in your pidley pieces of what you call furniture