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Selling Personal Items To Avoid Bankruptcy

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  • 03-22-2008, 04:18 PM
    slinger
    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.
  • 03-22-2008, 05:41 PM
    aaron
    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.
  • 03-22-2008, 06:35 PM
    Betty3
    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
  • 03-22-2008, 07:16 PM
    slinger
    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...
  • 03-22-2008, 07:23 PM
    slinger
    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.
  • 03-23-2008, 02:21 PM
    Betty3
    Re: Selling Personal Items To Avoid Bankruptcy
    Quote:

    Quoting slinger
    View Post
    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.
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