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06-29-2014, 12:41 AM | #1 |
Cobra Viper
Join Date: Jul 2009
Location: Texas
Posts: 445
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My wife and I have come to the dreaded conclusion that, thanks to her enormous debt, we are going to have to file for Chapter 7. I have had to accrue some myself, but nowhere near hers, but we are having a son any day now and if we file we clear up at LEAST $2000 extra a month.
Have any of you out there had to file and, if so, how did it affect your collections, Joe or otherwise? I would like to pass them to my son when he's old enough to play with, and appreciate them, but I'm scared that the Trustee will see them and decide it'll be worth the effort to try and liquidate them. |
06-29-2014, 12:52 AM | #2 |
Cobra Viper
Join Date: Nov 2009
Location: Chicago
Posts: 322
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I think it depends on your collection, if they see it as massive or still in boxes MIB they might otherwise I would not worry, My wife had to file and she got to keep her car
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06-29-2014, 12:56 AM | #3 |
Cobra HR Director
Join Date: Jan 2009
Location: Modesto, CA
Posts: 1,140
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I wouldn't worry about the toys. When we were considering filing, out lawyer laughed when I asked about the joes.
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06-29-2014, 12:58 AM | #4 |
Cobra Viper
Join Date: Jul 2009
Location: Texas
Posts: 445
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They're all unboxed/uncarded. I tried that years ago when I was doing Star Wars figures and vehicles and room became a rare thing. We're in the early stages right now and haven't gotten around to the whole cataloging process. Hopefully they'll just look at them and say 'this would take too long to figure out' and move on.
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06-29-2014, 01:00 AM | #5 |
Crimson Guard
Join Date: Jan 2014
Location: Everywhere
Posts: 1,618
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Why wouldn't you try to sell off excess to combat debt?
I don't understand. |
06-29-2014, 01:07 AM | #6 |
Banned
Join Date: May 2009
Location: gods waiting room
Posts: 2,356
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unless u have a 30000 figure in your collection u have nothing to fear. most if not all lawers will die of laughter at this question. hell im not even a lawer and im giggling
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06-29-2014, 01:18 AM | #7 |
Bill Cosplay
Join Date: Feb 2014
Location: Staying clear of knee-jerk nerds.
Posts: 5,912
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Generally you just fill out a form detailing your assets: amounts in checking, savings, stocks, bonds, etc and real property of value (ie. art, real estate, automobiles, boats, antiques, etc). Most people lie/don't declare stuff. The truth is, most of the shit people own isn't worth the trouble of repossessing/selling to pay off the debts. Clothes, electronics, cheap rent-to-own furniture...that's never going to sell for much. They tend to think of toys the same way. They may look deeper into a coin or stamp collection to ascertain value, but probably not toys.
I had a friend who filed for bankruptcy, but he sold off pretty much everything he owned first. When it came to his assets, he didn't have much to list. What he did have was a roll of cash he didn't declare. I know others who sold everything in attempt to pay off the debt. Now, regardless, bankruptcy isn't an easy way out. It's a last resort and there are real consequences. If things are so bad you are going to declare bankruptcy, it's probably best you sell off most of your collection anyway. If you can't afford it, you shouldn't be doing it. |
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06-29-2014, 01:37 AM | #8 |
Crimson Guard
Join Date: Sep 2011
Location: new jersey
Posts: 1,050
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WHAT COLLECTION??? You mean the collection that you are going to leave at your parents/in-laws/friends/siblings/others house, when the lawyers come to see what you have.
There should be no collection for anyone to even consider, think about it!!!! |
06-29-2014, 01:52 AM | #9 |
Crimson Guard
Join Date: Jan 2014
Location: Everywhere
Posts: 1,618
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^^ What kind of mentality is that?
Should always pay your debts. Hide your collection? What happened to being responsible? |
06-29-2014, 02:07 AM | #10 |
I just want foam gliders.
Join Date: Sep 2007
Location: Tooele (two-willa), Utah
Posts: 18,727
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Her enormous debt? Did she have it before you got married? Because a marriage is both of you.
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