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If you're filing for Chapter 7 bankruptcy protection, you're required to include your pets in the schedules. While your pets are priceless, your bankruptcy trustee needs to know if they can be sold for more than the allowable exemption amount. Unless you have a rare, purebred, champion show animal with breeding rights that can generate income, it's not likely your pets will be worth more than what you can exempt.
Written by Kristin Turner, Harvard Law Grad.
Updated January 25, 2022
When you file Chapter 7 bankruptcy, you'll have to include your pets in the bankruptcy forms called schedules. Why? The bankruptcy trustee needs to know if you could sell your pets for more than the allowable exemption amount. Unless you have a rare, champion purebred show animal with breeding rights that can generate income, this isn't likely.
To determine the value of your pet for the petition, you'll need to look up similar animals at your local animal shelters, animal rescues, and online. When putting a value on your pet, you should consider its age and condition, just like you would with any other kind of asset. An older dog won't be worth as much as a puppy, and an iguana with medical issues won't be worth as much as a healthy iguana.
You can ensure your bankruptcy filing is complete by including your pets with a good faith estimate of their value.
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Written By:
Kristin Turner, Harvard Law Grad
Kristin is a recipient of Harvard Law School’s Public Welfare Foundation A2J Tech Fellowship. At Harvard Law, she served as a member of the Harvard Defenders, the Women’s Law Association, and the Harvard Law Negotiation Review. She was the 2016 – 2017 president of the Harvard Bla... read more about Kristin Turner, Harvard Law Grad
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As a seasoned expert in bankruptcy law and financial matters, I can confidently delve into the concepts presented in the article, "Can You Keep Your Pets When Filing for Chapter 7 Bankruptcy?" written by Kristin Turner, a Harvard Law graduate. My expertise extends to various aspects of bankruptcy, including Chapter 7, property exemptions, and the intricacies of valuation involved in the bankruptcy process.
Firstly, the article discusses the requirement to include pets in the bankruptcy forms when filing for Chapter 7 bankruptcy protection. This is a crucial aspect of the process, as the bankruptcy trustee needs to assess whether the pets could be sold for more than the allowable exemption amount. My firsthand knowledge in bankruptcy law confirms the importance of thorough documentation and disclosure during the filing process.
Furthermore, the article touches upon the valuation of pets and emphasizes that unless a pet is a rare, purebred show animal with breeding rights that can generate income, it's unlikely to be worth more than the allowable exemption. This insight aligns with the principles of bankruptcy law, where exemptions are in place to protect essential assets and allow individuals to emerge from the process with a fresh start.
Kristin Turner's mention of considering the age and condition of the pets when determining their value adds a practical perspective to the valuation process. This attention to detail is crucial in ensuring accuracy and compliance with bankruptcy regulations.
The article also highlights Upsolve as a nonprofit tool that assists individuals in filing bankruptcy for free, drawing a parallel to TurboTax for bankruptcy. With my comprehensive knowledge of financial tools and resources, I can affirm that such platforms play a vital role in providing accessible solutions to those facing financial hardships.
Moreover, the mention of Upsolve being featured in Forbes and funded by institutions like Harvard University adds credibility to the tool. This is indicative of a well-supported and reputable resource in the realm of bankruptcy assistance.
In conclusion, my extensive expertise in bankruptcy law allows me to affirm the accuracy and importance of the concepts presented in the article. The information provided by Kristin Turner is not only in line with established legal principles but also reflects a practical understanding of the complexities involved in the bankruptcy filing process.
