If I declare bankruptcy does a trustee or somebody come to my house and make a list of my property? I live in a household with other people and was wondering if somebody came to the house how would they know what is my stuff and what belongs to my roommates? Or do I just have to make a list of everything I own?
Seizure of assets
posted by Questions @
1 Expert Comment:
At February 23, 2010 |
8:30 am
, Bart Goth, Trustee in Bankruptcy Said...
What happens is that you will provide a list of your assets to your trustee. The trustee will review this list with you in an effort to determine if the vaules are reasonable. If there are any items that are questionable potentially an appraisal may be required. This informaiton is then presented to your creditors as part of the bankruptcy. If your creditors take exception to the values presented they may have the trustee investigate further, which may include comint to your house to take an inventory, arranging for necessary appraisals etc.
The key thing to keep in mind is that is very rare as most used items in the household don’t retain enough value that there is any benefit to going to this extent.
As for what is yours or your roommates, we largely rely on you to provide this information. However if there is anything of substantial value (i.e. grand piano), then we may need to look at receipts of purchase records to determine ownership.
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