Bankruptcy chapters 7, 13, and 11 can discharge debts but risk asset seizure. You must list all high-value items, including luxury goods like a $2,500 Gucci purse, on your schedules. Trustees target unlisted assets, so full disclosure protects what you own.
But luckily for you, Chapter 7, Chapter 13, Chapter 11, you can bankrupt all of that.
All of that can be bankrupt. But if you did buy that Gucci or Louis Vuitton purse, they may take that Louis Vuitton or Gucci purse. So make sure if you're buying these things with buy now, pay later, that you're listing them on your schedules because they will have that list. Oh, wait a second. I see that there's a $2,500 purchase of a purse here, but you didn't list you have any purses. So be careful with that.
Because I was asked to on my schedules to list my name brand. I only had like 2 Louis Vuitton bags. I was like, yeah, you can take them. They said no.
I actually had a client once who, he was a celebrity client, had a bunch of jewelry. And the trustee was so excited because they got to take the jewelry and sell it. It was all fake. All of it was fake and they gave it back. He was being ripped off by his jeweler. He found out. How did y'all reverse that? Well, at that point it didn't matter because the trustee was going to take it, take it and sell it. And they took it to get appraised and it was all fake. And then he just found out that his jeweler was taking, taking advantage of him for at least a decade.
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