Case?
In a Chapter 7 case the debtor is required to turn over to the Trustee, if requested, only nonexempt money or property that he or she possesses at the time the case was filed. If the debtor is close to exceeding his personal property exemption ($9,850.00 for each person for property that is owned free and clear of any liens, please advise your attorney so that he can discuss what action, if any, needs to be taken so as not to risk the loss of your property. *REMEMBER* Each person can claim $9,850.00 of personal property exempt that cannot be taken by the Trustee. The value of the property claimed exempt is listed in your Schedules at market value. This means the value you would receive if you sold the property (you do not have to sell the property, but if it was sold). Please estimate the values at market value not replacement value or original cost value when providing the information about your personal property. 29.
