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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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okay - i have talked to many different people, but always get

Resolved Question:

okay - i have talked to many different people, but always get different answers.
it looks as if we will have to file bankrupcy - and i am curious about the amount of assests one is allowed to keep when filing bankruptcy and how the heck does one decide how much stuf is worth. ?   examples - if i have 20 t shirst that would cost alot to replace, but if i were to attempt to sell them in a rummage sale i'd be lucky to get 20 bucks for them. a bigger example my wedding ring was like $2500.00 it is priceless to me i could maybe pawn it for 500.00 - 800.00 bucks... but i never could......
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.
Hello,

Assets are valued at their fair market value in a quick sale. Think garage sale.

Here are the exemptions (assets one can keep) for bankruptcy in Minnesota:
http://www.bankruptcyinformation.com/MN_exemp.htm
Customer: replied 8 years ago.

so there is not a set dollar amount that you can keep?

i did not see any thing about jewlery IE my wedding ring - also what about re-establishing payment on say a vehicle if, we still have a loan on it?

Expert:  Ellen replied 8 years ago.

so there is not a set dollar amount that you can keep?Not for clothes

i did not see any thing about jewlery IE my wedding ring - Unfortunately there is no exemption for jewelery.

also what about re-establishing payment on say a vehicle if, we still have a loan on it?

You can reaffirm the loan and retain the vehicle

Customer: replied 8 years ago.

so, they will take my wedding ring away? that is so sad Frown

is there any clause or situation that would inable me to keep it?

 

Expert:  Ellen replied 8 years ago.
Hello,

Yes it would be very sad.

Typically a trustee in bankruptcy would allow a debtor to "buy back the trustee's equity" in the ring. This means that you may be able to pay the trustee the value of $500 over a period of 4-6 months.

I hope this has helped clarify the process somewhat.
Customer: replied 8 years ago.

the only other thing that i would really question is the personal photographs and personally made paintings (that i painted) etc. that i have - this also to me is priceless but in a garage sale - would mean probally zero unless by some crazy chance that someone rich walks in and decides i'm the next vangouh or something.... we also have a "framed" print my mom bought us for our wedding - i think she paid around 150.00 dollars for it - what would we say about theese items?

 

Customer: replied 8 years ago.

you said that i can re-afirm the loan and retain the vehichle .. what does that mean?

would l get a change in the intrest rate? would i have to just continue to make the payments that i currently make? would the amount i owe on it increase or decrease in any way?

 

Expert:  Ellen replied 8 years ago.
Hello,

I think that you may be under a misconception that someone will come to your home and inventory your personal belongings. That is not the situation. No one is going to look at your personal art work nor sell it unless you are already a famous artist.

The reaffirmation will cause you to not have the debt discharged but allows you to keep the vehicle provided you continue to make your current payments.
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