Exactly How Are Assets Verified?

Question:
The br code generally allows a certain number of personal possessions to be "exempt", the specifics varying from state to state. Does someone actually come to your place of residence and look over your property to determine if you have more than one camera, computer, TV, VCR, etc? What if your place is full of equipment borrowed or rented? What if you share an apartment with someone who has her own property, some of which can be considered "luxury items"? What if you're currently between residences and you're staying in someone else's home - how would anyone know which possessions are yours and which are your host's?

Answer:
Generally, trustees don't make home visits, but it depends on which trustee in which state and the details of your case. Ask your attorney what the trustee is likely to do in your case. I've also read that trustees don't have any special rights, abilities, and/or privleges to search. If a trustee shows up you can 1) hide, 2) develop a sudden urgent 'need' to be elsewhere, or 3) reason with them. Maybe the trustee will understand that the five gold ingots on your dining room table are a friends and you are just holding them and that you thought your friend would pick them up before now and you don't want to go through the trouble of amending your assets list (and etc. etc. etc.). or 4) let them in and serve them some tea and biscuits (and discuss the now 4 gold ingots). We're all reasonable adults here that are/have-been/will-be fully truthful on our bk assets list disclosure, so there would be no need to use any choice other than letting the trustee in to do an asset search/verification.





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