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  1. #1
    Join Date
    Jan 2009
    Posts
    2

    Question Limits of Assets

    My question involves bankruptcy in the state of: Michigan

    I am considering Ch13. I read that there is a limit of assets of $475 per item and just over $10k for all personal items. My question relates to exceeding these limits.

    What happens if I have items that exceed these limits? For example, my TV is worth more that $500 (even used) and my furniture (3br house) plus clothes (I have to dress for work) total to more than $10k.

    What does a Trustee do when the items listed exceed these values?

    Thanks.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Limits of Assets

    In Chapter 13, the value of your assets above the exemption are considered in relation to the amount of your repayment plan. The payments received by your creditors must be at least as much as they would have received under Chapter 7, but your assets aren't sold off - your payments may be larger than they would have been had your estate been less valuable.

  3. #3
    Join Date
    Jan 2009
    Posts
    2

    Smile Re: Limits of Assets

    Sweet.

    I've got no problem paying for my personal assets - I'm just trying to get rid of a couple of 'flip' houses that didn't work out.

    Thanks

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