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Assessing the value of household property??

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    Assessing the value of household property??

    Is there a book or list out there called something to the effect of "The idiots guide to the fair cash/swap meet/pawn shop/flea market/garage sale value to personal household property"?

    Like an actual book or list what these approximate actual values would be based on age & condition.

    I think this will be the hardest part of my homework assignment from my lawyer.

    My lawyer said now is not the time to be proud of the items I own.

    Well, firstly there are some things I would never buy used.

    Anything that has a fabric covering; i.e. furniture that has coverings that can't be pulled off to wash, or any fabric item that can't be thrown in the washer. I don't care how new it is. You never know what has gotten on it or who has done what on it (that's a joke but still it's true...ya never know).

    I don't buy electronic items - I want a guarantee it'll work for a while & if it doesn't I want to be able to take it back or exchange it.

    I would buy wooden furniture, collectible items, knick-knacks, books, & toys. So things that I would over value our items, but who wants the trustee questioning the value that we assessed.

    How did any one here actually figure the prices that they deemed as the fair market value for their personal items?

    _______________________

    May 2006 - joined Debt Management Program (DMP).
    Jun 09 2006 - divorced finalized.
    September 18th 2006 – DMP not working, consultation with BKR lawyer.
    Oct 02 2006 - Retained a BKR lawyer. Will be filing Chapter 7.
    Last edited by chmastal; 10-03-2006, 02:37 AM. Reason: add more
    We can plan our lives but we can never plan the outcome.

    #2
    Originally posted by chmastal View Post
    Is there a book or list out there called something to the effect of "The idiots guide to the fair cash/swap meet/pawn shop/flea market/garage sale value to personal household property"?

    Like an actual book or list what these approximate actual values would be based on age & condition.

    I think this will be the hardest part of my homework assignment from my lawyer.[COLOR][/SIZE]
    As hard as it is, chmastal, as your very wise lawyer advised, this is the time to NOT get ahead of the Joneses! Take a look at the Sunday paper and check out the want ads for used furniture to get a feel for real life prices. Also do online searches on eBay and other auction sites.

    It might be helpful to know that the average American home's contents if sold through the paper, garage sales, etc is typically around $3,000. I went through the exercise of breaking our stuff down item by item - ended up at $2900. We have nothing of great value - no jewelry, no furs, etc - and our appliances are 8-15 years old. Hope this helps!
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !

    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      When I assigned values to our property, I thought about how I would price each item if we were having a yard sale. That is, a yard sale where we REALLY need to get rid of everything we own. Our five year-old fridge? $100. Our couch and loveseat that cost $900 in 2002? $200. I did this with everything, and no one blinked an eye. Our total personal property was about $2500.
      Filed Chapter 7: 9/29/06
      341 Meeting: 11/01/06
      Last Day for Objections: 1/01/07
      Discharged and closed: 1/03/07

      Comment


        #4
        While you would not buy a fabric, upholstered sofa used, people do. Everyday.

        So you gotta think in those terms.

        Where would you buy an 8 year old sofa??

        Yard sales, garage sales, Goodwill and other 2nd hand type stores.

        So look in the paper for similar type sounding items to what you're looking to value.

        Goodwill has an Auction website where they sell larger items from Goodwills all around the country. If you can't find a price for your dining room table and chairs, that would be a place to get a value. Goodwill sets an opening bid as a base price.
        Filed Ch 7 - 09/06
        Discharged - 12/2006
        Officially Declared No Asset - 03/2007
        Closed - 04/2007

        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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          #5
          I actually sent out my "spies"...

          ...(my college aged daughters) to garage sales and some local Goodwill/Salvation Army stores. They went with a list of things I wasn't sure of pricing and had a lot of fun and saved me some legwork and a good education for them in bargain hunting. They got some nice but cheap things for school and I got info for my list. My totals came back around $2000. I had to add in a piano and antique China cabinet, but put them in separately because I actually had them appraised. I'm trying to keep under the $8000 wild card for my state with my '96 van in the mix, but should be under by a few hundred, fortunately.

          It seems overwhelming at first, but go room to room making list of major stuff in each. Consider garage/tools as a room and "outdoor funiture/lawncare" as another group and you'll be organized in no time. Don't list pans/dishes individually. Same for bedding/linens; just give it a low-ball value. Any pricey jewelry? Get an appraisal and then visit a pawn broker and be ready for a shock. Not worth what you'd think. Just don't wear those furs and bling to the court hearing!!
          Last edited by Bobby'sGirl; 10-03-2006, 07:33 PM. Reason: sp.
          August '05 Business failed.
          Spring '06 Found this site, thank heavens
          Chap 7 (no asset) filed 11/10/06; 341:1/31/07
          disharged 2/26; closed 4/17/07

          Comment


            #6
            Thanks for the info & a little better perspective!!



            _____________________________
            We can plan our lives but we can never plan the outcome.

            Comment


              #7
              Found a somewhat generic list from the Salvation Army...

              The Salvation Army USA | The Official Southern Territory Website serving communities from Texas to West Virginia

              There are many benefits to conducting a sale before moving, but you will need to ask yourself the following questions to be certain.

              Last edited by chmastal; 10-03-2006, 07:25 PM. Reason: add another link
              We can plan our lives but we can never plan the outcome.

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