Sports Memorabilia and Bankruptcy
Will I Lose My Collection?
We all know people who own thousands of well organized baseball cards or hundreds of Star Wars action figures. We have seen entire houses decorated with sports memorabilia items. Are these collections worth too much money that the bankruptcy trustee is going to sell them in a chapter 7 bankruptcy filing?
The key factor to whether you can keep these items in bankruptcy is not the extent of the collection, the condition of the collection or the type of collection. The key factor is the aggregate value.
During a bankruptcy case, you are required to total up the value of all of your assets. Your assets include the aforementioned collections. Bankruptcy law requires you to total up the aggregate value of your sports memorabilia.
The total value of your memorabilia will most likely be listed under Section 8 of your property listing. This section is entitled “collectibles.” You will be required to use a reasonable method for reaching an accurate value of these items. Rough estimates and personal knowledge may be a good place to start. A professional estimator or appraiser may also be required to reach an accurate value.
Your Rights as a Debtor
Creditors must follow rules when trying to collect a debt from you. Know your rights as a debtor. Have you recently been harassed by creditors calling and threatening you at every turn? It is a very unsettling feeling. Stop living in fear of your phone ringing or your wages being garnished. Contact our Henderson debt relief lawyer and know what your rights are as a debtor.
There are laws that control what debt collectors can do and say. The Federal Fair Debt Collection Practices Act control what debt collectors can do and say. Many of the debt collectors do abide by the rules set forth, however, there are also those that break this federal law and practice illegal debt collection practices. These laws were all established to protect your rights as a consumer.
Our Henderson bankruptcy lawyers know the rules. We will explain how you can stop creditor harassment. Additionally, if a collector steps over the line, we are ready to apply the law and take legal action as necessary to protect your rights as a debtor.
Why You Need The Assistance of Henderson Bankruptcy Lawyers
https://hendersonbankruptcyattorneys.com/contact-us/Filing your own bankruptcy? Don’t do it! Read here to find out the many reasons why you should not file for bankruptcy on your own in Nevada.
The idea of filing your own bankruptcy case may be appealing because you can avoid paying an attorney to do the work for you. While you can avoid attorney’s fees, you might run into more problems than you bargained for, and that may cost you more in the end. You may be interested in finding out more about the Henderson bankruptcy services that are offered around you, however, to help make this determination for yourself.
Finding bankruptcy help in Nevada can be essential to freeing yourself of your debt. Attorneys are more familiar with the practices of reporting income and assets while knowing what and how much can be exempted. You may think that you can approach the paperwork in a step by step approach, but the legalities of the filing may trip you up in the end. While bankruptcy laws in Nevada can seem pretty straight forward, it is best to really know what you are doing when you are filling out the paperwork because it could make the difference between successfully completing your bankruptcy and having your case get dismissed over some technicality.
While you may be hesitant to talk with a Nevada bankruptcy lawyer, it really could end up being the answer that you need. Consider talking with someone who’s familiar with the bankruptcy process before attempting to do it on your own. Even if you decide to try on your own, it could be informative for you.