What Can I keep?


D

Dan

Hello everyone,

I am about to file for personal bankryptcy. I have a question about
what I can keep. specifically, I bought some new violas for resale
about a year ago. Sold one and still have 11. Is there any way I can
keep them for resale later?
Total purchase price is about $6,000.00
I don't have much of anything else; TV maybe $50.00, Stereo maybe
$150.00,insignificant furniture, etc..no car..currently no job.
If anyone can give me information about this I'll be gratefull.
Dan
Thank you
 
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H

Howard Goldstein

: Hello everyone,
:
: I am about to file for personal bankryptcy. I have a question about
: what I can keep. specifically, I bought some new violas for resale
: about a year ago. Sold one and still have 11. Is there any way I can
: keep them for resale later?

What you can keep will vary from state to state. If you were in my
state and owned the violas free and clear and they were worth $6K and
if you were filing in chapter 7 then most of them would would probably
have to be delivered up to the trustee. You'd be well advised to
contact a local bankruptcy attorney to get the poop applicable in your
state and for your particular situation.
 
A

advocate

It depends on where you live.

Some States keep the Federal Exemptions. Others Like New York, have
opted out and have their own list of exemptions. Some people actually
move to more favorable states that allow for greater exemptions.
You should contact your attorney.
Best of Luck to you.

http://www.silverbankruptcy.com
 
D

Dan

Thank you all.

I just moved to DC from northern VA.
I followed the link that no one in particular provided. DC says it has
no homestead law!!?? But, the site says I can use federal exemptions.
Can I use any of the federal exemptions to keep ALL or SOME of the
beautiful violas, since they are the only real valuables I have? Maybe
move back to VA?
Thanks again
Dan
 
B

Brett Weiss

The answer depends on which state you live in and what exemptions are
available to you.

--
Brett

*****************************************************************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
*****************************************************************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
*****************************************************************
 
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B

Brett Weiss

Dan:

I practice in DC. If you want to e-mail me privately at
(e-mail address removed), I would be happy to discuss what you might be able to
do.

--
Brett

*****************************************************************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
*****************************************************************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
*****************************************************************
 
D

Dan

Thnk you Bret. I will e-mail you privately.





Brett Weiss said:
The answer depends on which state you live in and what exemptions are
available to you.

--
Brett

*****************************************************************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
*****************************************************************

The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
*****************************************************************
 
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A

Andy

The guitars caught my attention...
In addition to being a guitar buff, I also live/work in DC. And, a law
student here. Note:I'm just a part time student, not an attorney :)
Since u're in DC you can go federal. In a federal filing you can use
the wild card to keep the guitars, I think.
Max is $7,500.00, again, I think.
Any one knows for sure?
So, I think if that's the only valuable stuff you have, it is
possible.
Again, I'm just a part time student, and "just" started :) Not an
attorney!
So, you MUST make sure. And you can do that easily, if u're short on
money, by going to one of the law clinics in DC. At least a couple are
available to help you/answer questions about bankruptcy. And, It's
FREE.
Do a google serach to find where to go.
Also, for info and not a subtitute, you can go to the MLK library.
You'll find several books about the subject.
I think and hope you can keep the guitars.
Andy
 

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