Thread: Questions Regarding Chapter 7 BK

We are in the process of filing for Chapter 7. I have a few questions and hopefully someone has an answer.

: 1) My 17.5 year old daughter has her own checking account directly associated with our main checking account. How would I list her account in our papers? Since I am the adult on her account, would I be holding this account for her?

: 2) I am purchasing a laptop for said daughter through payroll deduction. This computer is a birthday present/christmas present/graduation present. Is this considered secured property? Would I also list this property as something I am holding for her?

: 3) I read that it is a good idea to add creditors who have fallen off our credit report so that these old debts can not be sold to some CA. What do you all think about this one?

: 4) I am having problems trying to find out whether exemptions are doubled for the state of Idaho since it is a community property state. Anyone know? I've already checked the state's exemption page but I do not remember seeing anything about double exemptions.

: 5) Where would I list my landlord in the paperwork? Under the contracts/leases? We are not behind on our rent and we have lived in our current place for so long that we do not have a written lease per se. Would I still list him?

: Sorry for the questions but we are getting near to filing and I want to take all the paperwork in for our free consultation with our local bk attorney.

1. You would list her account under Schedule B and add the quotation "legal interest only"

2. Yes. It is a secured debt. No. You are not holding the item for her. You should have plenty of room in your schedules. Depending on whether your state allows you to use Federal or State exemptions, in Federal, you can place it under 522(d)(6) (tools of the trade). You have the option to either reaffirm the debt (continue to pay on the computer) or redeem (give them the fair market value for the computer).

3. Excellent idea to add old creditors. You never know when they may try to pop up and attempt to collect. Another reason is the amount of these debts dont matter, since it is a Chapter 7. Add all of the old debts.

4. I dont think the exemptions double in Idaho based on the following site: http://www.bankruptcyinformation.com/ID_exemp.htm

5. Basically, you are on a month to month lease with the landlord. You would list this information under Schedule G: Executory Contracts & Unexpired leases.

Remember, the name of the game is DISCLOSURE. Disclose everything and you will limit your headaches during the process.

Thanks for your answers Reshod, I really appreciate the help because we are ready to file pro se and I want to make sure everything is in order.

I still have questions regarding the double exemptions. In essence there is a 5K exemption for a joint Ch7 filing then? I recall seeing some community property states allowing each debtor to have their own exemption limit.

In any case I do appreciate your timely help.

kam

I understand to which states you are referring. I know Texas has the double exemption for joint filings.

I am unsure about Idaho. The website is explicit in stating there is not double exemtion for the homestead. If this rules applies through out, I am unsure.

http://www.idahobankruptcy.com/exemptions.html

"Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted."

I guess that answers my question. It appears only the homestead is not subject to a double exemption.