Still like that??

[magyar123]

When I filed my Chapter 7 in 2004 - old laws, I was told by my lawyer to ''Estimate" the values of my assetts according to "garage sale" prices, and not the original cost that they were purchased for.
Is it still like that today under the new laws? or did the new bankruptcy laws - bought and paid for by the crooked loansharking banking/credit industry, put another hurdle in front of consumers?

[lrprn]

When I filed my Chapter 7 in 2004 - old laws, I was told by my lawyer to ''Estimate" the values of my assetts according to "garage sale" prices, and not the original cost that they were purchased for. Is it still like that today under the new laws?

The vast majority of bk lawyers are still advising their clients to estimate the value of their household goods by using resale prices from eBay, craigslist, garage sales, etc, not full replacement prices or original purchase prices. Occasionally an individual trustee will specifically instruct a filer they must use full replacement or original purchase values, but that's very unusual.

Ask about this when you have your free pre-filing consultations with 3-4 bankruptcy lawyers in your area. I think you'll find the estimating practice in most districts hasn't changed under the new law.

[demismom]

yES AND nO

My Attorney advised me the same thing, just filed in June. At the 341 meeting the Trustee wanted our (business inventory) to be evaluated at resale value at todays prices.

[CATCHMEIFYOUCAN]

Think about what you would get if you gave a garage sale. How much do you think you can sell it for.

Best Wishes, Catchmeifyoucan

[SinkingFast]

We were told to value items based on pricing where we could find like items.

Where do you buy an 8 year old sofa?? Garage sales, yard sales, 2nd hand furniture stores, eBay, Goodwill.

My Attorney advised me the same thing, just filed in June. At the 341 meeting the Trustee wanted our (business inventory) to be evaluated at resale value at todays prices.

We have a University here that's got an "Outlet Store" where they sell used items from the school. Computers, desks, conference tables, fridges, you name it.

Maybe you can find a similar "Outlet" in your area where you can get values for your items.

Another thought is to watch the paper for Auctions. Sometimes you'll see an ad where they're selling the assets of a business. You can get comparable prices that way too.