Personal Bankruptcy - Do you have to list miscellaneous minor or trivial personal property?
I'm curious. I am NOT going through bankruptcy and am not likely to need to go through it anytime soon. Any jurisdiction can be applicable to this question. I do have some knowledge of the US's Chapter 7,11, and 13.
Anyway, my understanding is that you have to list all of your assets and all of your liabilities. You can't pick and choose, although it seems in the US that you often get a blanket exemption on personal property up to a few thousand, to ensure that you don't have to walk out of the courthouse naked. I would think that things like a home, car, a bank account, a brokerage account, and small, personal items of great value (for example, jewels) would need to be specifically listed on the bankruptcy petition.
To what extent do people filing for bankruptcy need to list miscellaneous items of property on their petition? E.g. are people, in theory, required to file petitions that say things like:
1 2008 Ford Focus, $12,000
2 pairs khakis, used, $5 ea
3 men's dress shirts, used, $3 ea
4 disposable ballpoint pens, $0.50 ea
1 half-used bottle of shampoo, $0.60
1 family photo of me, my mom, and my sister taken in New York City in 1992, $3.50
1 paperback copy of Starship Troopers by Robert Heinlein, $1
1 hardback Bible, King James Version, $7
3 blank CDR's, $1 ea
2 extension power cords, $2 ea
I would assume that people wouldn't do that. Do they? Are they allowed by law to say something like, "Miscellaneous Household Personal Property, estimated at $600", or are they theoretically required to list it all, but given a pass due to "de minimis non curat lex" and all that?