Valuing your assets

[daylate]

Getting near to filing and I'm trying to value my assets. Most of it is no brainer stuff well within exemption limits but have a couple of items that are causing me some angst.

Would an estimate by an experienced auctioneer of how much these would bring at auction be considered a valid way of estimating? He estimated some other items for us and most sold at the low end of the range he gave and in total I think he was right on. There was also a sale of a very similar item two auctions ago that is right on his estimate. I think it would be hard to argue with that.

Second question-lets say your item is worth 2k but you only have 1500 of exemptions to use-If trustee wants the item will he sell it back at the 500 difference? Or will he want the whole 2k? Or will he pass altogether?

Any input appreciated. Thanks.

Couldn't find an emoticon for agita but the level is risiing as I get closer to filing date.

[ameliabedilia]

I think it depends on what the items are. Can you be a bit more specific?

[AngelinaCat]

Depending on what your items are, check with your local pawn shops. They will quote the most bottom of the barrel price that they will give you if you were trying to sell your items to them. Remember, they are trying to sell your items at a profit to them.

As to items that you cannot totally exempt: if you are ruled an Asset case as we were, you will probably be offered an opportunity by the trustee to buy back your items from the BK estate. We bought our non-exempt items back. Florida has terrible exemptions, and we had enough of an overage that made it worthwhile to the trustee to pursue. If yours would only be a few hundred dollars, the trustee likely won't bother. At that point, the trustee would make a motion to the court to Abandon Interest in those items of the BK estate.

[frogger]

Would an estimate by an experienced auctioneer of how much these would bring at auction be considered a valid way of estimating?

How much would they bring if you piled them on a table beside the road with a garage sale sign? That's the true, todays value.

[SunshineGal]

If they are items of real value than it is probably worth getting an appraisal done. Your attorney should be able to recommend a personal property appraiser who is certified through the courts for a few hundred dollars. You then have the option of attaching the appraisal to the schedules and the trustee probably won't question it.

[tcreegan]

Hi all, Hi daylate,

Any auctioneer worth their salt is an expert appraiser. But I would only use something like that for high-dollar, collectible, luxury type items. For your microwave oven, pots and pans, kitchen table, clothes and shoes, use a thrift store price.

The trustee doesn't want to sell ordinary household goods, costs about as much to sell them as they are worth. They are going to go after big-ticket items they can easily sell.

I've seen a lot of people on the forum who agonized over the personal property list...and then later find out no one really cared. Only people I recall having a problem were in the Fla middle district....

The person to ask is your attorney, they know what is going to catch the trustees eye and what won't.

Good luck with it,

Tom in Colo