Who sets the values?

[brokenomore]

In my state of Oregon, we have an exemption for furniture of $3,000. I wouldn't give $500 for what we have, but how do they know I don't have $20,000 in antiques? And how is the value determined?

If I just paid $10,000 for a car and own it free and clear and then file, how will the value be determined? We have a joint $6,000 exemption in Oregon. I probably could not sell it for the full amount, and maybe a dealer would only give me $7,000. But what if I want to make a case it's only worth $6,000 so that I don't have to sell it or pay the trustee? Are these things negotiable? Or does my attorney help me set the value when we file?

[frogger]

Are these things negotiable? Or does my attorney help me set the value when we file?

Yes and Yes.

Pile that furniture out in the yard at a weekend garage sale. How much are you going to get?

The answer? Little to nothing.

Try to sell that car TODAY. How much are you going to get?

Everything is at fire sale prices.

And how do they know you don't have all of these valuable antiques? Because you're going to be honest when you fill out the forms.

[brokenomore]

With something like a car, and right now I don't have to worry about it, since I don't have any value to worry about, they have a year and a model they can look up and determine some kind of value.

Let's say an auto is owned free and clear and a 2000 xyz model with 100,000 miles has a wholesale value of $7,500.

Is the trustee going to demand the $1,500 additional value? If I list the value at $6,000, will he just accept that and not bother looking it up?

If he does look it up and questions it, I could say it doesn't run well, is having mechancial issues, etc.

I'm just trying to get an idea of how this works, and what a trustee questions.

[frogger]

If you and your attorney do the job right, the trustee probably won't have any questions at all. Relax and enjoy the weekend. No one's coming to eat you before Tuesday.

[newbie2]

If I just paid $10,000 for a car and own it free and clear and then file, how will the value be determined? We have a joint $6,000 exemption in Oregon. I probably could not sell it for the full amount, and maybe a dealer would only give me $7,000. But what if I want to make a case it's only worth $6,000 so that I don't have to sell it or pay the trustee? Are these things negotiable? Or does my attorney help me set the value when we file?

My only concern would be that you just paid $10,000 for the car (last week? Last month?) and now want to devalue it by $4000 for the exemption. If the trustee sees the sales date on the title he/she may want to know what happened to the vehicle to make it worth so much less in such a short period of time.

[AngelinaCatHub]

My only concern would be that you just paid $10,000 for the car (last week? Last month?) and now want to devalue it by $4000 for the exemption. If the trustee sees the sales date on the title he/she may want to know what happened to the vehicle to make it worth so much less in such a short period of time.

There are many prices of items. What is valuable to you may be classed junk in a yard sale. That is the way you price items, without emotion.

So you purchased a car for 10k. Look it up in Kelly BB and see what it is valued in trade in in fair to poor condition.

Good example I use a lot. Someone offers you an antique revolver. One price for what it is. Now, let's say they prove it comes from the 'Battle of Little Big Horne', well the price goes way up. Then let's say they have papers to prove it was General Custer's personal gun? Well priceless. Right?

So what you saw in that car may not be representative of it's value.

We had a classic 68 chev in our garage. I got sick four years before so it set and deteriorated into unrunnable on blocks condition. The Trustee asked us it's value. We said we had no idea. He said, well, it could be scrap metal and a classic collectible. We told him what it was. It was a green car now, but the paint is blue. It does not run, and needs a lot of work. It was abandoned.

Later when I was well, I put brakes on it, rebuilt the carb and cleaned and polished it. Sold it for $4500 but that was long after I recovered as my bk is over. We would loved to have kept it but the surprise money was needed. We did it open and honestly though. 'Hub

[brokenomore]

How do I value my photography equipment?

If I sold it on ebay, I probably could get $2,000.

If I took it to a local auction house, it would go for less than $1,000.

There is work in selling things on ebay, so even if the trustee could get the ebay prices, he would have to hire someone to do the work and that could knock out 25% or more.

[frogger]

How do I value my photography equipment?

If I sold it on ebay, I probably could get $2,000.

If I took it to a local auction house, it would go for less than $1,000.

There is work in selling things on ebay, so even if the trustee could get the ebay prices, he would have to hire someone to do the work and that could knock out 25% or more.

And if you sold it at a garage sale................