Schedule B - Personal Property

[lmg]

I retained my attorney yesterday, I feel like a hugh weight has been lifted, anyway, I'm going through all the paperwork and have a question about schedule b - for household goods, do you really need to list every item you have in your home and how do you determine the market value. I wouldn't even know how to begin to figure out what my couch, etc is worth?

[325Falcon]

I went room to room with a tablet and just listed a yard sale price.

IE: TV-$25, couch-$15 etc etc. Remember consumer goods have VERY VERY LOW resale value if any regardless of what you paid for your stuff. What state are you in and what are your exemtions?

[jp2861]

Unless you have a household full of very expensive items it won't matter. Most state exemptions cover the average household goods and never even becomes an issue.

[aachudneymiles]

I went room to room with a tablet and just listed a yard sale price.

IE: TV-$25, couch-$15 etc etc. Remember consumer goods have VERY VERY LOW resale value if any regardless of what you paid for your stuff. What state are you in and what are your exemtions?

I didnt do what this person did above ( but I have to admit that it's not a bad idea) I Listed for example... TV, furniture, Bed sets, Computer, varies household furnishings the put the entire total 5000.. my trustee didnt ask me anything about how I put things.. good luck

[phoenyx]

I'm going the route of listing everything seperately on the Sch B. Definately don't over-estimate the prices you list, I've heard most people do. As someone previously said, it's more about what price it could go at a public auction or garage sale. Again, not what price you would see someone necessarily put on a sign at a garage sale, but what price it would take to actually sell.


Sorry to hijack the thread on this question, but does anyone have an idea what a yardsale price would be for a 4 year old used Tempurpedic mattress with stand, but no headboard or footboard?

It is a King size which retails for $1900. I can find it online for $1043. I have no idea what a yardsale price for this would be. 4 year old used bed. Eew... Perhaps $100, if that???

[FreshLikeADaisy]

Phoenyx, when I was doing Schedule B, anything that looked like it might have resale value for a trustee I punched into ebay to get a "replacement value" and then printed the page out for cya. Never needed it, but I have heard of people being asked how they arrived at the value of this or that asset. Using ebay really helped me personally, because I could punch in the exact model numbers I had (was able to value a TV at $0 this way because it is no longer sold at all) and they almost always were significantly lower than I would have come up with myself. Good luck!!!

P.S. Don't worry about what you cannot sell used; the Tempurpedic would count, because many states have laws that say you can't resell used mattresses or bedding because of the hygiene and bug issues. Ask around locally, because if that's the way it is there, your nice high-end king size Tempurpedic just got a value of $0. Don't bother listing your linens or bathtowels for the same reason.

Also, when you value your goods, don't list things that are under $50 or so, because then you'll end up with every bottle opener and toothbrush and garlic press you own listed. Group them into lots that equal more than $50, like "Cookware, $50. Dishes/flatware, $75." That sort of thing makes it far easier to list and keep track of what you've already listed. Hope this helps.