Replacement Value - What Does it Mean??

[MrBankruptcy]

Many people don't know how to list and value their property, this is what I use. For that category you can just say Miscellaneous of $XXXX.XX value. The value method is what is called the replacement value. That means if you had to buy at retail what you already own, how much would you pay? The retail merchant will give you two discounts. One for the age of the stuff and two for its condition.

Everything has value using the replacement method.

AGAIN: You use the replacement value. No other valuation method. I will explain the replacement value method again. If you had to buy at RETAIL what you already own (EVERYTHING YOU OWN), how much would you pay at RETAIL? The retail merchant will give you two discounts. One for the age of the stuff and two for its condition.

The only time you deviate from the replacement method is when you are listing how much you have in the bank accounts, the IRA/Pension, or with jewelry that has gone up in value, or with any type of collectible.

I hope this helps.

[BananaCabana]

Timeshare

How would you go about valuing a timeshare that you would prefer to try and keep? We had four DVC properties, have sold one, are in the process of selling a second one that was on the market for almost a year at the cheapest price compared to others selling theirs, and we have two others that are almost paid off that we would like to hold onto if we are able.

I have been told trustees do not particularly like timeshares that still have mortgages on them but as these are almost paid off I am a little concerned. But as for valuing them I am not sure how to value them. I guess by what I think I could get by selling it minus fees/commissions and amount owed?

We are still waiting to be sued. Once that happens we will begin the BK process. We will qualify for Ch. 7 and will be surrendering the home. If we must give up the DVC we will but everyone wants to hold onto something and this is the thing I want to hold onto.

[momofthree]

Many people don't know how to list and value their property, this is what I use. For that category you can just say Miscellaneous of $XXXX.XX value. The value method is what is called the replacement value. That means if you had to buy at retail what you already own, how much would you pay? The retail merchant will give you two discounts. One for the age of the stuff and two for its condition.

Everything has value using the replacement method.

AGAIN: You use the replacement value. No other valuation method. I will explain the replacement value method again. If you had to buy at RETAIL what you already own (EVERYTHING YOU OWN), how much would you pay at RETAIL? The retail merchant will give you two discounts. One for the age of the stuff and two for its condition.

The only time you deviate from the replacement method is when you are listing how much you have in the bank accounts, the IRA/Pension, or with jewelry that has gone up in value, or with any type of collectible.

I hope this helps.

This is true for INSURANCE purposes.

According to my attorney, this is not the case for bankruptcy. The trustee wants to know what HE can sell your USED junk for. If you put down that your tv has a replacement value of $1500, but he could only sell it for $50, he's not going to be too happy with you when he comes to collect.

They are looking at the value of your estate were it to be liquidated today, not replaced, liquidated.

[momofthree]

How would you go about valuing a timeshare that you would prefer to try and keep? We had four DVC properties, have sold one, are in the process of selling a second one that was on the market for almost a year at the cheapest price compared to others selling theirs, and we have two others that are almost paid off that we would like to hold onto if we are able.

I have been told trustees do not particularly like timeshares that still have mortgages on them but as these are almost paid off I am a little concerned. But as for valuing them I am not sure how to value them. I guess by what I think I could get by selling it minus fees/commissions and amount owed?

We are still waiting to be sued. Once that happens we will begin the BK process. We will qualify for Ch. 7 and will be surrendering the home. If we must give up the DVC we will but everyone wants to hold onto something and this is the thing I want to hold onto.

we used ebay sales prices to value ours. Just click on "advanced search" and click "closed listings" and it'll tell you the final selling prices of the timeshares on ebay.

Chances are, if you owe money on your timeshare, you're better off just surrendering it now and buying one 2nd-hand off of ebay later. Our timeshare points are only selling for around $100 on ebay. Unfortunately, WE paid $12k for it. I wish we had just bought used in the first place. What a waste! Ours is paid off though.

[BananaCabana]

we used ebay sales prices to value ours. Just click on "advanced search" and click "closed listings" and it'll tell you the final selling prices of the timeshares on ebay.

Chances are, if you owe money on your timeshare, you're better off just surrendering it now and buying one 2nd-hand off of ebay later. Our timeshare points are only selling for around $100 on ebay. Unfortunately, WE paid $12k for it. I wish we had just bought used in the first place. What a waste! Ours is paid off though.

We originally bought them as resales and only have about $2000 total left on the two. So if I were allowed to ride-through with them it would be a lot cheaper to keep them and pay them off than to buy others when we could buy it outright. That alone could be several years as I will not buy one again with a "mortgage" or "credit". That is the only "big" asset we want to keep other than our van which is underwater a bit and my husband's crappy truck that is completely protected by the exemption amount due to it's crappiness. I guess it really depends on whether the trustee deems them as something he/she wants or not. The TS we are selling now is for $49/pt. But the ones we want to keep would be around $60/pt resale. Different home resorts have different per point values I have noticed.

Thanks for the advice! I am interested in seeing what they have been selling for on Ebay.

[ColoFiler]

Does the Trustee Investigate?

I filed pro se last week (Colorado). I found the personal property valuation to be the most difficult part.

I had done a detailed inventory of what we have and used eBay and Craig's List extensively. I have research to back-up my estimates. I probably gave too much detail but I tend to be obsessive sometimes.

I see a lot of comments here that in Florida the trustees send out personal property appraisers routinely. Does that happen often elsewhere?

Can they do this before the 341 meeting - or will I have warning if the Trustee questions why all of our personal property fell into the exemption limits in Colorado?

Thanks

[ApresMoi]

Btw. This reply made me LOL. :-))

What garage sales are you attending?????
For BK purposes Antique = Old, which means cheap. Don't over value your stuff.

[ApresMoi]

The fact that you were so detailed means you can back up every single valuation if questioned. You don't have a thing to worry about.

From what I have read, FL is unique in that modus operandi, but even so, having done your homework should give you all the confidence you need going in.

***********

I filed pro se last week (Colorado). I found the personal property valuation to be the most difficult part.

I had done a detailed inventory of what we have and used eBay and Craig's List extensively. I have research to back-up my estimates. I probably gave too much detail but I tend to be obsessive sometimes.

I see a lot of comments here that in Florida the trustees send out personal property appraisers routinely. Does that happen often elsewhere?

Can they do this before the 341 meeting - or will I have warning if the Trustee questions why all of our personal property fell into the exemption limits in Colorado?

Thanks