Any recent info on how to value you assets?

[gogetter76]

Hello,

New here and am wondering........

Stuff like Cd's and the like. Do you have to list every CD or just group it all together and say i have X number of CD's and value would be?

Jewelry...same thing i guess, do you have to list every piece of jewelry or would you say i have 3 rings valued at?, 4 necklaces valued at? and 8 pairs of earrings valued at ?

Thank you for your help.

[jennordhavn]

This is how I listed this info (I filed pro se in N. Dist. CA and none of my assets were questioned):

4. Furniture, computer and laptop
5. DVD collection (appx. 50 titles @ $2/each); Books (appx. 100 titles @ $.50/each)
6. Clothing and shoes
7. Jewelry

[gogetter76]

Ok cool, sorry to be so picky but as far as jewelry goes did you just say jewelry and list an amount or did you have to list every item and give a value?

Thanks again........

[jennordhavn]

I just listed jewelry and an amount. I don't have very much as it is and my engagement ring only cost $250 so garage sale value is probably $20......lol. I have a few of my Grandma's old pieces of jewelry but nothing that looks of significant value. If you have something that was really expensive or antique you might want to list it separately.

[pcn]

Here's a weird one for you. AL has an unlimited "daily wear" jewelry exemption. We have a whopping 5k home equity exemption, but as long as you can claim you wear it every day you could exempt 20k in jewelry. Go figure...

[gogetter76]

Thanks again. I will just list jewelry as jewelry and an amount.

[BigJohn]

I photographed everything and then imported the photos into Excel and then provided the amount for each lot and then let Excel calculate the final total.

[amjo30]

I hired a liquidation company that specialized in estate liquidation. It was inexpensive, less that $100. I am so glad I did this because I really overvalued my goods on the original paperwork and my lawyer suggested I get this service. I am so happy I did. It was also a very quick process.

[BnkrptcyLwyr]

I hired a liquidation company that specialized in estate liquidation. It was inexpensive, less that $100. I am so glad I did this because I really overvalued my goods on the original paperwork and my lawyer suggested I get this service. I am so happy I did. It was also a very quick process.

Hmmm ... that's something I never really thought of doing. Interesting.

For most people (if you're able to use the Federal exemptions) it's not much of an issue because the federal exemptions are generous - makes it easy here in Michigan.

I can see where the service would be useful in a case where it's a close question of valuation, and you're starting to exceed, or have exceeded, the exemption limits.

Of course, there are some things you can do to *plan* your exemptions as well.

[amjo30]

I am in Florida and I was told Florida uses the state exemptions. Also, I am glad to have found this forum. It's so much to learn about the process. I also appreciate the support because without support, one could go crazy before this is over.

[question]

How do you know if your state allows the Federal exemptions or not? I live in Ohio... Thanks!!

[StartingOver08]

How do you know if your state allows the Federal exemptions or not? I live in Ohio... Thanks!!

Go here to check your exemptions:

http://www.legalconsumer.com/bankruptcy/state_bankruptcy_info.php?st_fullName=Ohio