How much value should I put down on my personal property list for a 2005 Dell laptop?
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Filed Chapter 7 Pro-Se May 29, 2008
341 July 1, 2008
Discharged September 4, 2008
Closed November 10, 2008 :-) -
I have a 2003 Dell latitude that I'm putting a value of $100 on it for no other reason than I find it hard to believe I could replace it with a similiar used one for any less.
But, your question got me thinking, would they really ask for a computer as a sellable asset? If they asked for any of mine (have 1 personal desktop, 1 biz desktop, and 1 biz laptop) I'd hand them over, but sans the hard drives or including the hard drives with holes drilled through them.04/04/08- Notice of deficiency balance due from a repo. 04/18/08- Fico scores w/repo listed: EXP 624, TRAN 610, EQU 610. 04/19/08- Found this forum. 04/24/08- Retained attorney for a chapter 7, filing singly. 5/5/08- Turned in bk paperwork to atty. 5/27/08- Date set for reviewing paperwork. -
The only household item that is ever at risk is one that is NOT protected by your state's exemptions and that can fetch at least $1000 cash if sold.
A 2003 and 2005 used laptop would not sell for anything close to $1000 if you tried to sell them yourself. That means that your trustee isn't going to want them either.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 goComment
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ok- so then what would be a realistic number for a 2005 laptop?Filed Chapter 7 Pro-Se May 29, 2008
341 July 1, 2008
Discharged September 4, 2008
Closed November 10, 2008 :-)Comment
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Is it a bare-bones, small-screen, basic model or a fully-loaded, big/wide-screen, packed to the gills with tons of ram/power, etc? I would think that would have some impact on the value of the laptop. I don't know that my guess is as good as anybody elses, but I might list the value as 1/4 of what I paid for it originially. Now that's just me. I expect someone else may chime in any moment now.04/04/08- Notice of deficiency balance due from a repo. 04/18/08- Fico scores w/repo listed: EXP 624, TRAN 610, EQU 610. 04/19/08- Found this forum. 04/24/08- Retained attorney for a chapter 7, filing singly. 5/5/08- Turned in bk paperwork to atty. 5/27/08- Date set for reviewing paperwork.Comment
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Sorry, I was going with a hypothetical here (my stuff's exempt), thinking about how I would not want a trustee or any possible future owner of a computer I used having access to my hard drive for security/privacy reasons. I've read horror stories about people who thought they'd wiped out their hard drives, but apparently not well enough.Originally posted by lrprn View Post04/04/08- Notice of deficiency balance due from a repo. 04/18/08- Fico scores w/repo listed: EXP 624, TRAN 610, EQU 610. 04/19/08- Found this forum. 04/24/08- Retained attorney for a chapter 7, filing singly. 5/5/08- Turned in bk paperwork to atty. 5/27/08- Date set for reviewing paperwork.Comment
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It's 3 years old. I'd wager you couldn't get more than 200 for it.Originally posted by danaf View PostComment
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I would say 100$ to 200$ at max, because of the age.Comment
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May I pose a stupd question. When totaling up your household assets do you take the price you would get if you had to sell them.
The reason I ask I saw another site that seemed to say the value would be the replacement value.
Am I missing something?
thanksComment
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Originally posted by jimbob42 View Post
The value is what it would sell for, not replacement value.
epComment
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Originally posted by jimbob42 View Post
My lawyer said to put how much you would give for it a a garage sale.Filed 4-21-2008
7/16- DISCHARGED!!!!Comment
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Ebay is a great place to price your stuff.
Especially electronics. Danaf, if you go to Ebay and plug in your model number, you should get a very good idea of what it's worth at a glance.
Just fyi, old law is what it would sell for; new law is "replacement value". However, because you could replace it off of Ebay or at a garage sale, there's not a whole lot of change there...
Nolo Press book on filing Chapter 7, there are others too. (I have no affiliation with Nolo Press; just a happy customer.) Best wishes to you!Comment
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My atty's instructions for valueing personal property and household goods were as follows: The bankruptcy code defines "replacement value" as "the price a retail merchant would charge for property of that kind considering the age and condition of the property at the time value is determined." This may or may not be the same price that you could sell the item for in a quick sale. Remember, it is not what the item is worth to you, but rather what you would have to pay for an item just like it in the same used condition if you shopped around and bought it at the cheapest available retail outlet.
So I used the pricing from our local Goodwill and a nearby thrift store for my values.04/04/08- Notice of deficiency balance due from a repo. 04/18/08- Fico scores w/repo listed: EXP 624, TRAN 610, EQU 610. 04/19/08- Found this forum. 04/24/08- Retained attorney for a chapter 7, filing singly. 5/5/08- Turned in bk paperwork to atty. 5/27/08- Date set for reviewing paperwork.Comment
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