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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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Hi again, I am all set to file. I was just wondering if it

Resolved Question:

Hi again, I am all set to file. I was just wondering if it matters how much value in normal household goods there is if all are under $500 in value. I didn't see any limit on household items. I'm sure we are fine but seamed strange that there is no limit. Can you comment on this and let me know any insight regarding it. Thanks
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

Are you using Exemption Set #1?

Customer: replied 5 years ago.
#2 we are usually about 21,000 of our 23,250 wild card
Expert:  cfortunato replied 5 years ago.

The current limitation is $550 per item, and as long as there are no items that are worth more than $550 (the current value, not the price you paid for those items), there is no limit to the amount that you can keep.

This is in addition to the unused portion of homestead exemption plus the wildcard (up to $23,250).

Customer: replied 5 years ago.
my bankrupcy attorney thought we overstated the value of our houshold items. I'm not sure why that would even matter since none of it comes close to the $500 per item value. Is it maybe that if you have too much overall value it causes some sort of red flag?
Expert:  cfortunato replied 5 years ago.

It matters because the values are supposed to be accurate. If the trustee thinks the values are off - whether overstated or understated - that can give the impression that other things in the petition are also not accurate.

So the problem would not be a determination that you have items with a lot of value, the problem would be that the petition is not accurate.

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