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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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What are the chances I will lose my DVD collection or a sizeable

Customer Question

What are the chances I will lose my DVD collection or a sizeable Star Wars toy collection in a Chapter 7?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.
Hi JACustomer,
How much could each collection realistically sell for?
Customer: replied 6 years ago.
Lets just say 10k
Expert:  cfortunato replied 6 years ago.
Last questions - would you be using the homestead exemption for your home?
If yes, how much equity does your home have? (Equity is the current market value minus the balance - if any - on the mortgage.)
Customer: replied 6 years ago.
I don't think I would be using the home exemption. Since I got the house through a short sale the appraisal didn't mean much cus if the house was worth the appraisal price it would have got more bids then it did.

Expert:  cfortunato replied 6 years ago.

You are allowed to use up to $5,000 of the unused homestead exemption for any other property instead - including your collections.

Realistically, if the Bankruptcy trustee can sell your collections for anything over approximately $6,000, you should expect that he/she will do so.

(This is based on the assumption that you have lived in Virginia continuously for the past 2 years.)


I think this is what you wanted to know. If not, please let me know.

Thank you!

cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Is there anything I can do to keep them at all? Buy back or anything of that nature?
Expert:  cfortunato replied 6 years ago.

There is an option to pay the value over and above the $5,000, but it is tricky, because if you have available cash to pay, the Bankruptcy trustee can take that cash in addition to the collections. However, it would be okay for you to borrow the money, and sometimes you can arrange a payment plan with the trustee.