How Property Is Valued for Exemption Purposes

[anonymuse]

How Property Is Valued for Exemption Purposes

[HHM]

I can't believe we let this post last this long. This post is completely wrong.

The replacement value does not apply to "exemptions", it applies to determining secured status and the value of secured claims.

[LuciluS]

Thank you HHM as this thread was posted several times on the Chapter 7 Section and I knew our Attorney said differently.

Cheerios to Ya!

Luci

[Pizza]

I wanted to comment along the same lines long ago but let it go.

What it all boils down to is how much cash the trustee can get, or even moreso what he/she wants to fool with. Most of us are not here to cheat the system and our meager possessions will likely not be of any interest to the trustee.

[swampwiz]

I would think that the trustee would think that the value is what he could get at an auction type of sale, minus the expenses of hauling the stuff out to auction, and the auctioneer's fee as well.

In my case, I have some pinball machines that would have an average Ebay value of $500 (NOTE: an Ebay value is way below the retail value of someone who would have a storefront, etc.) Now I could easily see a charge of $150 just to move it, and then at auction, unless there was an astute collector there, the machine might only get $150. So the trustee should think that the machines are not worth the trouble. At least I hope so - I don't want to lose my babies, and I would pay for them in reaffirmed debt if I had to.