Question About How To Proceed (chapter 7)
I am not going to trouble you all with all the details of my story, but the jist of it is we have 35k of unsecured debt plus student loan, 2 car notes and a house note. We are just in over our heads and its not getting better. I am looking into chapter 7 and here is what i am wondering. The two cars we have are on a six year note with great payment history (1 year paid on each car.. so I dont think they are worth more than we owe) Plus we just refinanced the house 3 months ago to get the better interest rate. The main questions I have is I have a motorcycle that i own outright... Would it be better to sell it and put it towards my debts than bring it in to the process? Second, How much of the litte things in your home are scrutinized? I know you are supposed to give values on just about everything, but how far does this usually go? (appliances riding lawnmower, washer dryer etc...?) Our main goal is to keep the secured loans cars, house, student loans etc, and liquidate the unsecured ones. We make decent money and would be ok without the unsec. loans.
It all depends on the state exemptions. The motorcycle should be alright, considering you have no equity in your cars, but it depends on the value and state exemptions. If you have a harley and your state only allows $1000, you can kiss the hog goodbye (unless you have to cash to buy back from trustee). And yes you have to list everything, lawn mower $20, yard tools $10, washer $100, dryer $100, dinning room table $100, chair $20, etc..
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