Selling Personal Items To Avoid Bankruptcy
I own a little retail business and am being hit hard by the "recession". My wage is less than half of what it used to be. Personal credit card debt is $30k, not behind yet because of gifts from Mom. No more gifts are possible and it's time to think of Bankruptcy.
I live in California. I rent an apartment, own No home, No jewelry, No land, No boat, just an old 2000 Explorer paid for.
But I do have nice audio equipment and musical instruments (no vintage stuff though). Worried about losing all my personal items like TV, Stereo, Guitars, Amps, Computer.
Stressing out about it.
Should I just sell everything I own that's not nailed down and try to pay off all my debt and forget about ever owning the stuff I like ever again?
If I file for Bankruptcy will I lose it anyway?
Help.
Re: Selling Personal Items To Avoid Bankruptcy
Bankruptcy exemptions are different in each state. If you consult a bankruptcy lawyer in your state, your lawyer will advise you which of your assets are exempt and which may be subject to being liquidated to pay your creditors.
Re: Selling Personal Items To Avoid Bankruptcy
Here are the bankruptcy exemptions in Ca. If you are considering bankruptcy, you do need to talk to a bk attorney.
http://www.bankruptcyaction.com/caexemptions.htm
Re: Selling Personal Items To Avoid Bankruptcy
Thanks for the link to California Exemptions.
I rent--can I still use "Homestead" expemption to add to the amount?
Up to $525 per item (Musical Instruments)--who determines the value? What is "yard sale amount?" I mean, really if I sold my guitar at a yardsale I'd get $5...
Re: Selling Personal Items To Avoid Bankruptcy
...and up to $2550 for a car--my 2000 Ford Explorer is probably worth maybe twice that--so they take it and give me $2400 to buy something else?
I may as well just jump off a bridge.
Re: Selling Personal Items To Avoid Bankruptcy
Quote:
Quoting
slinger
I may as well just jump off a bridge.
No! Don't even think it.
Someone may come along with some add'l. info for you but I think your best bet is to talk to a bk attorney. They can answer all your questions & concerns.