Valuing stuff questions.

[shoopy]

For those new to my situation, I will be filing with Michigan exemptions, which offer virtually nothing in the way of exemption. Total exemptions for household stuff are $1,000, with no other exemptions (homestead will be entirely exempted by tenancy by the entireties).

I took a preliminary mini inventory of household items, and come up with less than $2,000 value at Goodwill and/or yard sale prices. Since my wife owns half of it, it would seem to be covered by the $1,000 exemption. We don't have any antiques or "fine" pieces of furniture (think Ikea and chain furniture stores). But, it still seem kind of low to me. Am I forgetting something? Will the trustee think something is suspicious? He is welcome to come and check it out. Does this seem low to any of you?

I do own a few guns, I am prepared to sell most of them for fair market value and use the proceeds to pay legitimate expenses (attny said that would be OK). However, there are a couple that have sentimental value. How would these valued? I have a current Blue Book of Gun Values, but the prices are retail prices. Would the trustee offer me the chance to buy the sentimental ones back, or would just take em and sell them. If I wasn't offered a chance to buy them back, I may as well sell them too, before filing.

[AngelinaCat]

Your valuations sound about right. Florida also has almost nothing in the way of personal exemptions.

We also have a couple of guns and rifles that were my father's or came from my husband's family. Since they are 'vintage', and not capable of what some of the modern ammunition could do, no person that we tried to interest in buying them would touch them. [Never-mind that my favorite handgun can dispatch a rattlesnake just fine, thank you!]

Likewise the people interested in 'vintage' pieces, also want the history with them. If you have an old gun, that is one thing. If you can prove that it was at the Battle of the Little Big Horn, then the value jumps. If you can prove with paperwork that it belonged to General Custer, then the value jumps exponentially. But a plain old gun, is just a plain old gun. *Yawn*

You might want to go to a couple of pawn shops and see what the value would be if you were to sell them.

As for buying them back from the BK estate, we had to buy our stuff back from the BK estate, and the trustee offered us first chance before he would send our stuff to auction. We paid $450.00 a month for 12 months. The trustee offered us a discounted amount.

[shoopy]

...As for buying them back from the BK estate, we had to buy our stuff back from the BK estate, and the trustee offered us first chance before he would send our stuff to auction. We paid $450.00 a month for 12 months. The trustee offered us a discounted amount.

Was the value of whatever you bought back the value that you declared to the trustee, or did he/she give you a break on the price because you saved him the effort? In other words, was your stuff valued at say, $8,000, and he gave you a discount to save on time/hassle of selling the stuff himself?

[btbeme]

Was the value of whatever you bought back the value that you declared to the trustee, or did he/she give you a break on the price because you saved him the effort? In other words, was your stuff valued at say, $8,000, and he gave you a discount to save on time/hassle of selling the stuff himself?

That is generally the way it works, but it is up to the Trustee. While it is a hassle to claim and sell stuff, remember that they get paid to do so. But, they are human, and humans typically like to take the path of least resistance when given the choice.

[AngelinaCat]

Was the value of whatever you bought back the value that you declared to the trustee, or did he/she give you a break on the price because you saved him the effort? In other words, was your stuff valued at say, $8,000, and he gave you a discount to save on time/hassle of selling the stuff himself?

I think our stuff was valued at around $7000. I haven't had the chance to pull our paperwork in order to check the exact amount, but paying $450.00 for 12 months totals $5400, to buy our stuff back. We don't have a lot of stuff, nor expensive or designer stuff. It was mostly family heirlooms that would mean nothing to anyone else. It also included 'Hub''s computer equipment that he used in his consulting business. Florida does not have a 'Tools of the Trade' exemption, so that bit us.