Valuing your assets

[ACER9103]

When you say "indicate your intentions with respect to secured property and you'll chose to either "surrender" (give up), reaffirm (go back on the hook for the loan) or redeem (pay off in lump sum) the property", what do you mean by "go back on the hook for the loan"? So I will either have to continue paying for the loan, give up the bedroom set, or pay it off in one lump sum?

[debee]

Technically, yes. In reality, no.

For secured property you state your "intention". You can state you intend to "surrender" but you don't actually have to load up the used furniture and drive it back to Sears. (or wherever). It would be up to the lender to come and get it. And they don't.

You can also state that you intend to "reaffirm" and then don't sign a reaffirmation agreement. A reaffirmation agreement is a contract that makes the loan new again. It would not be discharged and since you couldn't file bk again for years, you'd be stuck with it.

You can do a search on the forum for your specific finance company, or PMSI (purchase money security interest) if you bought with a store card, and you will see thread after thread of furniture companies and finance companies not coming for the mattress, couch, etc.

[ACER9103]

Okay, thanks again, you are sooo awesome!

[daylate]

Thanks for all the replies.

[overit]

For an idea I used The Salvation Army's valuation for tax purposes. salvationarmyusa.org

That site is great, thank you! Valuing assets has been one of the things I've been dreading most, and this will help make part of it a lot easier.

[Toby629]

We filed in November and our lawyer told us to use garage sale prices when valuing our clothes, furniture etc. It worked out well using this advice, no questions at all from the trustee at our 341.

[SunshineGal]

Really?? This is crazy, will they assume everything in the home is mine? I live with my boyfriend and he put some electronics on his credit card some time before he lost his job, and if we ever broke up, those electronics (Xbox, PS3 etc.) would most definitely go with him. I mainly only have the furniture (living room, bedroom, dinning room and kids room Furniture)?

Check with your attorney, but I don't think you have to list any of your boyfriends personal property unless you have joint ownership since you live together. Now, if you are storing someone's property that doesn't live there than you would want to list that under property held for others.

If you were to get hit with a personal property appraisal than you would just tell the appraiser what belongs to your boyfriend.

[Fallonedward]

This is the site I used as well and had no issues and was discharged on 1/31/2011

For an idea I used The Salvation Army's valuation for tax purposes. salvationarmyusa.org