I can’t lose my baseball card collection

Am I able to protect anything if I file for bankruptcy? I have a very old and valuable baseball card collection that was past down to me from my Dad. I cannot give this up. Just because it’s in my possession does that mean it’s mine. Technically, my Dad purchased all the cards.

One Comment

  1. Depends on whether your dad gifted the cards to you? If not, and you are only “holding” the cards then your dad should take them back. If the cards were gifted them; you own them and they must be listed on your bankruptcy petition. The key here is the value of the cards and the extent of your other belongings including a home. It also depends on what state you reside in. Here in New York (Buffalo and Rochester), debtor’s are allowed to claim the “federal exemptions” which contain a “wild card exemption” you can use to exempt or protect any asset (including the cards) up to $11,500 (any unused portion of home equity exemption up to $11,500) plus another $1,225. Call a bankruptcy attorney in your area to get more information. The asset is also treated differently depending on whether you file a chapter 7 or 13. Most people file a chapter 7 bankruptcy.

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