We have a consultation with a bk lawyer soon. We were sent a sheet to list our property and what it is worth. How do I figure this out? It says value that someone could sell it for in its current condition.
-
-
Use the value of what you would pay to find the exact same thing at a garage sale or pawn shop.Filed: 10/26/2006
Discharged: 03/05/2007
Closed: 5/19/2008 - Asset case due to balance transfer and income tax refund -
We were told resale shop value, not garage sell value. just be honest and realistic if you value everything in your house at 2000 dollars this might be questioned, expecially if you live in a 300,000 dollar home and make over 90,000 a year, but don"t go overboard either. your asset list is part of what they take into consideration of how much your creditors would get paid back if you had to liquidate like in a chapter 7, however since most of your personal property is exempt its usually not a issue anyway.Comment
-
It's awful to stand there with that list and go through room to room. Your furniture and household items, unless made of solid mahogony, are worth way less than what you think they are worth so don't overprice them. The sofa you once paid maybe $1,000 for after five years of the kids jumping on it and spilling stuff on it is probably worth $50 tops thrift shop value. Our attorney advised us to use thrift shop value as a starting point. It's awful listing that stuff and placing value but just do the best you can as to estimates and your attorney will go over it when you submit it.Originally posted by drowingslowly View Post_________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"Comment
Comment