I am a sole proprietor contractor and intend to exempt my tools of the trade in CH7. Sched C doesn't provide enough room to itemize each tool as well as other personal item exemptions - is there a reasonable way to group items or should I create my own continuation sheets? Can I simply list all tools as one well-defined item?
I believe in addressing this issue in a middle of the road way - specify your most expensive tools, and then list other misc tools related to your business. if a tool is worth more than $300 - $500, I'd list it separately, otherwise, I'd lump the smaller stuff together.
I had one lady who was so eager to list everything that she even provided me with an inventory of the number of diapers for her baby! Sheez! Who wants to look at that much detail!
You could list the tools in a general description with enough specificity to isdentify sets, etc., and then provide a list of the actual tools to the Trustee before the 341 meeting, however, you should not do this without the assistance of an attorney in tyour locale.
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Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship. The opinions expressed herein are those of the author only and the fact that he has worked as an Assistant District Attorney; State Supreme Court Clerk; Special Assistant United States Attorney (Hawaii); Assistant Cornell University Counsel or Judge Advocate, United States Marine Corps should not be relied upon to assume that these statements reflect the policy of these organizations.
Be as specific as you can to alert creditors and the trustee what you have and be prepared to provide a more detailed list if necessary. Local rules do govern just how much information to provide.
[I am a Virginia-licensed attorney. This communication is intended as general information and not specific legal advice, and this communication does not create an attorney-client relationship.]