Listing Personal Property (personal tools)

[cofer22]

Hey all,

Just a couple quick question about listing personal property.
How have you all listed "tools"?
I have a decent amount of tools that I've used for home remodeling and personal use... Mitre saws, tile saws, air compressor, ect...
Should I just list those larger items separately with individual values? Then lump the small hand tools (screwdrivers, sockets, wrenches, etc..) together and give values?
What about left over construction supplies(plumbing,electrical,painting). There isn't much and it's not worth much, but how to list it?
Any info on this would be appreciated.

Jeff

[daylate]

I'd list the larger ones individually and the small ones collectively-from what I understand this is influenced somewhat by local custom-some want more detail than others. In any case I can't imagine a trustee wanting any of the small tools sand probably none of the big ones unless collectively htey are worht a bunch and could be sold as a lot.
I would list the supplies same way-Misc Plumbing supplies(scrap pipe,fixtures,hoses,etc) -$xxx- as long as that number is rather small-if it is 4k(or any other big number) then I think you have a different issue.

[discouraged]

I have a lot of tools also due to remodeling as well as left over remodeling materials. I listed the big items by going to ebay and looking at pricing. The rest I put together at garage sale prices (looked at thrift stores as it was winter).

I should add that my attorney said he'd never seen such a comprehensive list, both household and tools. I told him I wanted to make sure if anyone did come to check, they would be able to walk through my house and not find any 'hidden' items. He chuckled but I felt better for doing that.

[cofer22]

Cool. Thanks for the responses. I'll list the big items individually. I definitely don't have 4k worth of supplies. LOL.. Maybe $100 at garage sale prices.
Anybody think $150 for a medium sized assortment hand tools (craftsman wrenches, wratchets-- both metric and standard, complete screwdriver sets, chisles, etc..) is appropriate? Not the mack daddy assortment, but a pretty much anything a non mechanic would need for most applications....

[BAR]

I just checked my documents and I listed mine as wood working tools and put a value of $500.00 on all of them. I also have alot of remodeling tools myself. They really arent worth that much if you have to sell them by the end of the week.

I was told by an electrician that when he filed a Chapter 13 he took and valued all his tools at 10% of what he paid for them retail, and had no problems with that at all.

[discouraged]

Or - as my son suggested, if I can't sell them to individuals, sell them to a pawn shop. You might want to just casually walk in and check out their pricing. Outside of my big tools, I seriously doubt anyone is going to give me 100-150 for my assorted tools. But, one never knows.