house hold things
In regards to the previous question ( all of the belongings in the home are not the property of the bankrupt person) .It seems to me that it would be unconstitutional to seize these assets not owned by the bankrupt person . Would sharing expenses be considered as benefiting from any contribution the bankrupt person would make in paying their share of the rent and utilities .The bankrupt person is contributing their share of rent from the credit they received .
How does one value household items . For instance a sofa 15 years old or a stereo that is 20 years old .
As far as valuing the assets, these furnishings are done on a resale or liquidation basis (i.e. what proceeds would be received if the items were sold at a garage sale or auction).
The belongings that would be seized would only relate to the items that were pledged on the loan in question. In terms of the way the payments are calculated, if the other parties in the household are not filing bankruptcy their income is not included.