Avoiding Bankruptcy

Before Bankruptcy

Divorce & Bankruptcy

Myths

Common Mistakes

Credit Bureaus

Means Test

Inventory

 

Bankruptcy Lawyer

Legal Fees

Bankruptcy Laws

Chapter 7

Chapter 11

Chapter 13

Wiping Out Debts

After Bankruptcy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bankruptcy

Whether you are thinking about filing for bankruptcy or not, everyone should have an inventory of what they own for insurance purposes (photos included as well as serial numbers).

   If you file for bankruptcy you will be required to list all property that belongs in your bankruptcy estate.  Whether you can hold on to that property, or at least some of the property’s value in dollar terms, depends on what the property is worth and which exemptions are available to you.

 

 

INVENTORY YOUR PROPERTY

  

   PERSONAL PROPERTY CHECKLIST:

Cash on hand (include sources)

  • In your home
  • In your wallet
  • Under your mattress

Deposits of money (include sources)

  • Bank account
  • Brokerage account (with stockbroker)
  • Certificates of deposit (CDs)
  • Credit union deposit
  • Escrow account
  • Money market account
  • Money in a safe deposit box
  • Savings and loan deposit

Security Deposits

  • Electric
  • Gas
  • Heating oil
  • Security deposit on a rental unit
  • Prepaid rent
  • Rented furniture or equipment
  • Telephone
  • Water

Household goods, supplies, and furnishings

  • Antiques
  • Appliances
  • Carpentry tools
  • China and crystal
  • Clocks
  • Dishes
  • Food (total value)
  • Furniture (list every item, go from room to room so you don’t forget anything)
  • Gardening tools
  • Home computer (for personal use)
  • Iron and ironing board
  • Lamps
  • Lawn mower or tractor
  • Microwave oven
  • Patio or outdoor furniture
  • Radios
  • Rugs
  • Sewing machine
  • Silverware and utensils
  • Small appliances
  • Snow blower
  • Stereo system
  • Telephone and answering machines
  • Televisions
  • Vacuum cleaner
  • Video equipment (vcr, camcorder, dvd, etc)

Books, pictures, and other art objects, stamp, coin, and other collections

  • Art prints
  • Bibles
  • Books
  • Coins
  • Collectibles
  • Family portraits
  • Figurines
  • Original Artworks
  • Photographs
  • Records, CD’s, audiotapes
  • Stamps
  • Videotapes

Apparel

  • Clothing
  • Furs

Jewelry

  • Engagement and wedding rings
  • Gems
  • Precious metals
  • Watches

Firearms, sports equipment, and other hobby equipment

  • Board Games
  • Bicycles
  • Camera Equipment
  • Electronic musical equipment
  • Exercise equipment
  • Fishing Gear
  • Guns (rifles, pistols, shotguns, muskets)
  • Model or remote-controlled cars or planes
  • Musical instruments
  • Scuba diving equipment
  • Ski equipment
  • Other sports equipment
  • Other weapons (swords and knives)

Interests in insurance policies

  • Credit insurance
  • Disability insurance
  • Health insurance
  • Homeowner or renters’ insurance
  • Term life insurance
  • Whole life insurance

Annuities

 

Pension or profit sharing plans

  • IRA
  • Keogh
  • Pension or retirement plan
  • 401K plan

Stock and interests in incorporated and unincorporated companies

 

Interests in Partnerships

  • Limited partnership interest
  • General partnership interest

Government and corporate bonds and other investment instruments

  • Corporate bonds
  • Municipal bonds
  • Promissory notes
  • U.S. Savings bonds

Accounts receivable

  • Accounts receivable from business
  • Commissions already earned

Family support

  • Alimony (spousal support, maintenance) due under court order
  • Child support payments dues under court order
  • Payments due under divorce property settlement

Other debts for which the amount owed you is known and definite

  • Disability benefits due
  • Disability insurance due
  • Judgments obtained against third parties you haven’t yet collected
  • Sick pay earned
  • Social security benefits due
  • Tax refund due under returns already filed
  • Vacation pay earned
  • Wages due
  • Workers compensation due

Any special powers that you or another person can exercise for your benefit, other than those listed under “real estate”

  • A right to receive, at some time, cash, stock, or other personal property placed in an irrevocable trust
  • Current payments of interest or principal from a trust
  • General power of appointment over personal property

An interest as the beneficiary of a living trust, if the trustor has died

  • Expected proceeds from a life insurance policy where the insured has died
  • Inheritance from an existing estate in probate (the owner has died and the court is overseeing the distribution of property) even if the final amount is not yet known.
  • Inheritance under a will that is contingent on one or more events occurring, but only if the owner has died

All other contingent claims and claims where the amount owed you is not known, including tax refunds, counterclaims, and rights to setoff claims (claims you have against a person, government, or corporation, but you haven’t yet sued on)

  • Claims against a corporation, government entity, or individual
  • Potential tax refund on a return that is not yet filed

Patents, copyrights, and other intellectual property

  • Copyrights
  • Patents
  • Trade secrets
  • Trademarks
  • Trade names

Licenses, franchises, and other general intangibles

  • Building permits
  • Cooperative association holdings
  • Exclusive licenses
  • Liquor licenses
  • Nonexclusive licenses
  • Patent licenses
  • Professional licenses

Automobiles and other vehicles

  • Car
  • Mini-bike or motor scooter
  • Mobile or motor home on wheels
  • Motorcycle
  • Recreational vehicle (RV)
  • Trailer
  • Truck
  • Van

Boats, motors, and accessories

  • Boat (canoe, kayak, rowboat, shell, sailboat, pontoon, yacht)
  • Boat radar, radio, or telephone)
  • Outboard motor

Aircraft and accessories

  • Aircraft
  • Aircraft radar, radio, and other accessories

Office equipment, furnishings, and supplies

  • Artwork in your office
  • Computers, software, modems, printers
  • Copier
  • Fax machine
  • Furniture
  • Rugs
  • Supplies
  • Telephone
  • Typewriters

Machinery, fixtures, equipment, and supplies used in business

  • Military uniforms and accoutrements
  • Tools of your trade

Business Inventory

 

Livestock, poultry, and other animals

  • Birds
  • Cats
  • Dogs
  • Fish and aquarium equipment
  • Horses
  • Other pets
  • Livestock and poultry

Crops

  • Growing or harvested

Farming Implements and equipment

 

Farm Supplies, chemicals and feed

 

Other personal property of any kind not already listed

  • Church pew
  • Health aids (wheelchair, crutches etc)
  • Hot tub or portable spa
  • Season tickets
 

 

 

 

 

 

 

 

 

 

 

 
   

 

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