Many of our clients want to know when the trustee will come to their home to look over their property. Debtors filing a chapter 7 bankruptcy are anticipating the trustee walking through their homes to determine what property will be sold during the course of their case. Our clients are relieved to know that the Kansas City trustees do not come into debtors’ homes as a general rule.
The trustee may arrange for an appraiser to come to your property to value a certain piece of property. If you have non-exempt property such as a boat, recreational vehicle, or valuable artwork, the trustee may want to verify the value of the property to determine if the trustee will sell the property. Kansas bankruptcy exemptions protect most of debtors’ household goods and furnishings; Missouri exemptions have a $3,000.00 cap on the value of household goods and furnishings; however, trustees in both states are looking for detailed property listings.
Debtors are required to list all their assets, so if there is a valuable piece of artwork, the piece must be listed in your schedules filed with the court. Debtors sign their Petition, Schedules, and Statement of Financial Affairs under penalty of perjury; this is not to scare debtors but to ensure all documents are truthfully filed.
If a bankruptcy case is filed without sufficiently listing an inventory of the debtor’s property, then the trustee may be forced to come to the debtor’s home to ensure an accurate inventory is filed with the court. This is a rare occurrence and has not happened in a case filed by our attorneys, as we work with our clients to ensure all property is fully disclosed.
If you have valuable non-exempt property, it is important to speak with a Kansas City bankruptcy attorney to determine your options.