Valuing exemptions

[jensu82]

Is it just me or am I low balling everything we own?

One attorney I talked to said to only value electronics at 10% of what you paid for them unless they were purchased within the last year. Does that sound right?

After I claim everything in the house, it's still under $6K. Granted, we don't have a lot but wow... are we that poor? LOL

[AngelinaCat]

Yes, the attorney's recommendation for the electronics sounds right. And it is always amazing--and humbling--when we think about the value of our stuff. To us, it might be priceless, but to someone else, it's just plain old junque!

My husband used to be a Field Engineer for a major electronics corporation, and he always said regarding computers: "Even if you bought it yesterday, that computer is already five years out of date, considering the technology being developed."

[frogger]

Is it just me or am I low balling everything we own?

I think that it's just hit home with you about just how little our "prized" possessions are worth.

All the money that we've all spent and what exactly do we have to show for it.........

[jensu82]

Yeah, I'm amazed at how little our things are really worth.

I told my husband about it and he almost choked. He thought I had it wrong somewhere.

I think his feelings are hurt because his and our son's trading card collection isn't as fabulous as they both thought.

[pamkev]

I agree with others are lawyers told us to price our items last day of moving sale can't take it with us so price it to sale really cheap

[btbeme]

I agree with others are lawyers told us to price our items last day of moving sale can't take it with us so price it to sale really cheap

You can't take it with you.

Here is a great reality check for anyone who doubts the actual "value" of their stuff... Drive a neighborhood on a Saturday morning or early afternoon. Stop at any garage sale you see. Check the prices... Now, realize that many others did the same thing that morning, and that teapot / CD collection / baseball glove / gorgeous lamp / hand-embroidered footstool / wedding china / velvet Elvis is still sitting there with a 25 cent price tag on it.

To the owner it is worth almost nothing. To the prospective buyers it is worth even less.

And THAT is the value you should put on your "stuff" when filing for BK, because that is pretty much what it is all worth.