Lets say you exempt an item for 2k because that is what you think it is worth. For whatever reason, the trustee asks for an appraisal of the item. Appraisal comes back at 3k. You have not used all you wildcard exemption. Can you amend your filing to increase your exemption for the item in question to 3k?
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Short answer: Absolutely.
Long answer: Absolutely, yes.
Why do you even ask?Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt. -
Because I'm paranoid I'll do something stupid to shoot myself in the foot.Originally posted by justbroke View Post
I guess I tend to over think things and because of all the incorrect and conflicting advice/input I've received from attorneys I'm a bit gun shy. The attorney I'm working with is pretty good but I just like to hear from people like yourself and some others on this board who I have come to believe really understand this stuff because you all have lived through this experience. Thank you for being part of this great site.Comment
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No problem, and we get to all contribute! Valuation is such a subjective area, except where they publish nice guides like NADA and KBB and Black Book. In all other situations, it's all subjective and purely non-scientific. LOLChapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.Comment
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Hi Daylate,
I've read your posts about your furniture. The easiest way to avoid the stress is pay a court certified personal property appraiser to come out and value your items. It will cost a few hundred dollars but then you'll know exactly what you need to exempt and where you stand.
Good luck!Comment
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