When listing values of assets, what do you base those values on?

[jhy12]

When listing values of assets like furniture, clothing, what do you base those values on? Garage Sale? What you paid for them originally? Things like stove/oven, fridge, clothing. I find it kind of funny to list my dog as an asset (and then infuriating that he could be deemed an "unnecessary expense")? Pretty sure I'd have to pay someone to take him (he's always getting into mischief). Sorry had to find some humor in all this.

[kingmartin06]

That is my biggest problem is the listing values of assets and listing every asset as I have a lot of clutter and junk drawers etc...That's going to be the hardest part for me.

[sophieanne]

Hi. When we were filing, our attorney told us to value furniture and household items at the value you would receive if you were having a moving sale (not fire prices but reasonably low). Collectible items were to be valued closer to the actual value (e.g., artwork and guitars). I didn't have the heart to tell my 2 beautiful 2 golden retrievers that they were valued at 0 . They may be worth a million dollars to me but they are not show dogs nor do I breed them to sell puppies. My attorney put the value on them, not me (based on what I said). I hope that helps.

[kingmartin06]

I mean I would think they know we are not professionals or anything, so I'm thinking just do the best I can on that and let the cards land where they fall. If I know in my heart I valued my things with reasonable effort and in good faith then I did the best I could.

[jhy12]

How far do you go? Do you list like every shirt, every pen, etc? Or just group things like "office supplies" and "shirts"?

[kingmartin06]

That would be a thing to ask your lawyer

[LadyInTheRed]

Yes, ask your attorney.

How you value assets will depend on the type of asset. For most of your stuff, the garage sale method Sophieanne mentions will likely apply. Both Goodwill and the Salvation Army publish valuation guides for donations that may be helpful.

You don't need to itemize every item in your junk drawer or every shirt. I didn't even think about my junk drawer, but by default, it was included in a "Miscellaneous household goods" category. What is itemized and what is grouped will partly depend on your state's exemptions. For example, my state has an unlimited exemption for "Clothing, household goods, appliances, furnishings, animals, books, musical instruments and crops" up to $650 per item. So my petition had grouping like "dishes, utensil, cookware and small appliance with no item over $650" and I estimated a garage sale value for all that stuff. All my clothing was grouped together. All furniture was another grouping since no item was worth more than $650.

I keep chuckling to myself about the junk drawer. If only the trustee were interested in my junk drawers (I have 2) and came to take the contents away because I didn't list them and exempt them. She would have done me a big favor! Of course, that wouldn't happen in a Chap 13 anyway.

[kingmartin06]

Yes, ask your attorney.

How you value assets will depend on the type of asset. For most of your stuff, the garage sale method Sophieanne mentions will likely apply. Both Goodwill and the Salvation Army publish valuation guides for donations that may be helpful.

You don't need to itemize every item in your junk drawer or every shirt. I didn't even think about my junk drawer, but by default, it was included in a "Miscellaneous household goods" category. What is itemized and what is grouped will partly depend on your state's exemptions. For example, my state has an unlimited exemption for "Clothing, household goods, appliances, furnishings, animals, books, musical instruments and crops" up to $650 per item. So my petition had grouping like "dishes, utensil, cookware and small appliance with no item over $650" and I estimated a garage sale value for all that stuff. All my clothing was grouped together. All furniture was another grouping since no item was worth more than $650.

I keep chuckling to myself about the junk drawer. If only the trustee were interested in my junk drawers (I have 2) and came to take the contents away because I didn't list them and exempt them. She would have done me a big favor! Of course, that wouldn't happen in a Chap 13 anyway.

Did you count each and every shirt, or item you had, on the worksheet my lawyer gave me it doesn't ask for the quantity of any items, so I figured I would estimate a value based on a bulk lot of used clothing for example. What my lawyer told me is that the trustee is really looking to see if you have anything worth high value.

[bankruptbull]

For clothing on mine - I put "Clothing for myself and 2 children" and then put an amount.

[kingmartin06]

What do you say if the Trustee ask you how you came up with your values?