Question: I need to file for bankruptcy because I don't make as much money as I used to and now I'm getting divorced. I want to find out if I can keep my Atlanta Braves memorabilia collection. I have balls and bats signed by Hank Aaron, Warren Spahn, Bobby Cox, Greg Maddux, Tom Glavine, John Smoltz, Eddie Mathews, Chipper Jones & Dale Murphy. I have game worn jerseys, game used towels and I even have some chewing tobacco that a couple of the stars spit. I bought some cleats from a player's cousin that he said were worn by the player in the World Series. I have the socks that were worn by a famous player when they won the World Series in 1995.
I used to go to 50 games year so my collection of stuff is pretty good. I was told that it is valuable, although I don't have an exact dollar amount. If I file for bankruptcy do I have to tell the court about the collection? I just don't want anyone to take it away.
I live in Woodstock and one day I wanted to open an Atlanta Braves memorabilia store and buy and sell collectibles.
Answer: Technically, collectibles of value are supposed to be disclosed in bankruptcy. If they are valuable, under the bankruptcy law they should be disclosed to the trustee who can then utilize them to satisfy debt obligations.
We have had clients who have had valuable collections of art, cars, motorcycles, boats, guns, pens, computers, baseball cards and many other things. If necessary, we work with them to properly value the items.
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