Yet another newbie valuation question

[PushRestart]

The whole valuation thing has me concerned, I have lots of used stuff but my lawyer said something like 2 married folks have about $20K in personal prop exemptions and another $20K in wildcard exemptions, so your total of possessions will be exempt.

I will confess to a certain degree of nervousness/paranoia over this whole thing, I just do not want to get ambushed by making some rookie error when wifey and I file the chap 7. So my newbie questions are:

1. Does $40K total in personal prop exemptions sound correct?

2. How granular/detailed should my property list be to provide the best possible defence against anyone questioning it and putting me in BK prison?

3. We have 3 vehicles. One we hope to redeem for its actual market value but we will give up if Ford Motor Credit wants too much for it. The second we will reaffirm as we owe exactly what it is worth today and is at a nice 1.9% interest rate. The third is a truck that we own outright and is worth about $6,000. Our lawyer says we can keep this truck by using some of the wildcard exemption; does this sound correct?

As always, thanks so much to everyone here for your support, I feel a bit odd asking so many questions but this resource and all of your help has made me feel a bit more sane again, thanks so much from wifey and I both :o)

[debee]

1. Yes. Sounds like you are using the Federal Exemptions and will be applying the unused homestead exemption to personal property. $10,825 in unused homestead, and $11,525 in personal property (with a per item max value of $550). Since you're married filing joint, you will each get the exemption. So, just over 44K when summed. You also get $3450 each for auto exemption, $2175 each for tools of trade, $1450 each for jewelry, $1450 each for a wildcard, etc.

2. I've read diverse accounts of how forum members have structured their property lists. So my only opinion would be to ask your attorney how to type up yours. He'll know what will work best in your case/area. Having said that, there may be some really good strategies for doing it a certain way that I am not familiar with.

3. You have $3450 per person to exempt auto, and a $1450x2 wildcard.

Sounds like your attorney is spot on and giving you good info.

[AngelinaCat]

When you assign values to your things, use Yard Sale prices. Nor do you own any antique furniture--you own old, used furniture. Then go around town and see what similar items are priced at in used furniture stores or yard sales. In this economy, everyone is selling excess stuff trying to make a few bucks for the essentials. Categorize things, such as "assorted kitchen utensils" meaning cooking knives, forks, spatulas, etc.--perhaps $10.00 at most, and that is probably too high. Do the same for the pots and pans, dishes, etc. As far as clothing, yesterday we bought a storage unit and in cleaning it out, threw most of the clothes in a burn pile. What we could save for Goodwill, we did, but most items were not--especially underwear!!! EEEEWwwwwwwww