ASSETS: How and by whom are values determined?

[InDebtNeedHelp]

ASSETS: How and by whom are values determined?

For example, my computer is three years old. I bought it new and paid $1,000 for it.

1. How is the current value determined?
2. Who determines the value?

Thanks,

InDebtNeedHelp

[cool33097]

You tell the Trustee how much is worth in a garage sell and while reviewing your case if he doesn't agree he/she will contest.

[InDebtNeedHelp]

Who is the Trustee? What if I file on my own? Are you serious, I just write down a guesstimated garage sale price?

You tell the Trustee how much is worth in a garage sell and while reviewing your case if he doesn't agree he/she will contest.

[TEW]

The trustee is going to own your estate until you are discharged. The panel trustee is a local lawyer in your area.
The UST works for the federal government and you don’t want him/her interested in your case

[Tbornetun]

Garage sale prices with the exception of titles items such as automobiles, snowmobiles, atvs, etc. Then you need to get a private party blue book value from Kelly Blue book or NADA.

[southernbelle]

In my case, I listed garage sale values and my Trustee didn't question them. She took the values I listed, but since I was an asset case I had to buy them back at that cost. Keep in mind that the values I listed were fair and weren't extremely ridiculous (like a 26" color tv for $1)! Keep in mind that you could get challenged if you give unrealistic values, but don't forget the age of the items or any defects.

Also keep in mind that if you list fair prices for your stuff, it might not be worth the Trustee's time and effort to liquidate it at auction so just be honest and things will work out for the best.