Iowa Exemption calulations and listing property????

[Becksdesign]

1. I read and researched now for days and believe I understand the basic exemptions allowed. What I can't seem to figure out is if the allowed totals increase due to family size (two adults and 3 children).

2. Also, how does one calculate the value of an item? A couple examples of why I'm asking -
A. We have not paid for any of our dressers or stands; most of which we've had for 5 plus years. We obtained these from curbsides (people throwing them out) and repaired and painted/varnished if necessary. What would the value of something used we got for free be, that is in poor condition.....
B. A deep freezer we bought 8 years ago for $100 would now be worth?

3. When listing property in general how is it to be listed? For example I have a bookcase full of used books, do I need to list them each by title or can I say "104 books". Same with dishes and such can I just lump things together?

Thanks for the advice in advance.

[lrprn]

1. I read and researched now for days and believe I understand the basic exemptions allowed. What I can't seem to figure out is if the allowed totals increase due to family size (two adults and 3 children).

Your state's bankruptcy exemptions are what they are regardless of family size unless specifically stated otherwise.

2. Also, how does one calculate the value of an item?

Household items are valued by what you could reasonably expect to get if you tried to sell them (think eBay or garage sale prices). Exceptions are household items that have individual value - jewelry, guns, furs, art, antiques, etc. Some states include these specific items as dedicated exemptions, and some don't. What state are you in?

3. When listing property in general how is it to be listed?

The vast majority of local trustees accept a lump sum value for all your household goods (minus the valuable items already mentioned). The lump sum value of household goods in the US for a typical family is between $2-4,000.

[eddiep]

In response to question #1, the value really does not have anything to do with how much you paid for them, just what they are worth now. I found a couple great sites that give value ranges for most items. I figure if the trustee asks how I valued this property I will have a good answer. It took alot of the stress out of that process. I printed up the list and went for a walk around the house.

http://www.salvationarmyusa.org/usn/www_usn_2.nsf/vw-dynamic-arrays/D477340FFA28755C8525743D0049D1EF?openDocument

http://www.goodwillsew.com/page.asp?dbID=295

[Becksdesign]

What state are you in?

Iowa