Valuing items-when is something truly worthless?

[Diesel73L]

I am in the process of going through my home and for the purposes of my own sanity, making sure that we will have exemptions to spare. I know that we will, as we're using federal exemptions and we have no equity in our home, no other real property, no fancy cars, no boats, furs, or jewelry, etc... The personal belongings exemption amounts (we're both filing so it doubles) should be fine, but I just want to make sure I'm not overselling things. For example, we have three TVs. One is a 19" TV/DVD combo, one is a 26", and one is a 19". The catch is that each one is a big, heavy, old tube style TV-the stores haven't sold them for years and you can't give them away. Heck one of them came from the side of the road where it was sitting with a "FREE" sign on it. Even still, many times you see them out for trash so its not like "yard sale price" would even apply. Do I just value them at $5 or do I list them as $0?

There's lots of other stuff I'm confused about as well. I'm sure that the attorney can advise me further, but I figured I would ask others what their experience has been. For example, how about the personal property exemption itself? The description seems to pick and choose odd things:

Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to $550 per item, and up to $11,525 total.

What about yard tools (shovels, rakes, lawn mower, chainsaw, ax, etc....), mechanics tools (wrenches, sockets, screwdrivers), personal care items (toothbrushes, razors, hair clippers), and heating fuel (heating oil in the tank, firewood)?

[keepsmiling]

In NJ you shouldn't have to get too crazy with this. We were told to just say, "Household items, none valued over $550"
We were told this by a tt.
Do not stress over this.
Maybe you could say, 3 old tv's, total value $50, if that would make you feel better.

[keepsmiling]

LOL
I really don't think you have to list your toothbrushes. Can you imagine THAT auction??? roflmao
Maybe in FL middle....

[Diesel73L]

LOL
I really don't think you have to list your toothbrushes. Can you imagine THAT auction??? roflmao
Maybe in FL middle....

LOL...I know-I was really just trying to make a point that you hear all about how you can't leave anything out of your property listing, but at the same time the categories can be quite vague.

[keepsmiling]

The NJ tt/atty we spoke to said, "if you had a giant garage sale, how much would you make total"-- list THAT amount.
FL is a buster because they have large homestead exemptions so they cherry pick for the toothbrushes.
NJ has crappy home exemptions so they go for the big game, not the penny ante stuff.

[AngelinaCat]

We see TVs like you describe on the side of the road almost every day, so really, the value there is $0.00. We have picked some up and they work fine, particularly one that is a 25" screen with a built-in VHS and DVD player. We bought a remote for it through eBay for about $20.00. But, realistically, people are dumping these huge tubed dinosaurs right and left.

Everything else should be priced at quarters and nickels, literally. And in "Lots of Whatever" for $2.00.

[AngelinaCatHub]

We see TVs like you describe on the side of the road almost every day, so really, the value there is $0.00. We have picked some up and they work fine, particularly one that is a 25" screen with a built-in VHS and DVD player. We bought a remote for it through eBay for about $20.00. But, realistically, people are dumping these huge tubed dinosaurs right and left.

Everything else should be priced at quarters and nickels, literally. And in "Lots of Whatever" for $2.00.

To add to my Mrs. post, microwave ovens. You name it, we got it in piles in my garage. They all work. From little to fine stainless steel with convection as well. All off the side of the road. VCRs. Forget them. Zero. Anything electronic is like wishing to buy another persons underpants. NO VALUE. LOL. (I'll be banned for that one). 'Hub

[keepsmiling]

My friend currently has one of these huge tv's sitting on her front porch, hoping someone will take it. They are a b&^#ch to move. She may have to pay someone to take it away.

[ohiogal]

Computers are the same way. Believe it or not, if your computer is more than a year and a half old, no matter how souped up it is it's pretty much worthless as far as value goes. Technology changes so fast that nobody in 2012 will want a 2010 computer, unless you're selling it for $50 or something. Anything older than 4 years you couldn't give away...

[DYLAN150]

In Washington state, the household exemptions amount is $6500 for a single person. I have several flat screen tv's and computers, but adding all of this stuff together, and household goods, is not even close to the exemption amount of $6500. Plus we have a $3000 wildcard which can be stacked on top of this amount. The down side the auto amount is only $3250.

[mountanddo]

LOL
I really don't think you have to list your toothbrushes. Can you imagine THAT auction??? roflmao
Maybe in FL middle....

I spent quite a bit on my toothbrush LOL

[crackedmuse]

LOL
I really don't think you have to list your toothbrushes. Can you imagine THAT auction??? roflmao
Maybe in FL middle....

You don't HAVE to, but toothbrushes were on my Schedules, along with other meticulously itemized junk - nail clippers, curling iron, milk crates, refrigerator magnets, extension cords, even a charging adapter for an old PDA I lost in 1994. I even included model, serial number, and date purchased for every electronic device and small appliance. Judge was IMPRESSED and we actually shared a laugh over "The Truman Show" dvd I listed at 25-cents. As a pro se filer, I didn't want to chance being accused of non-disclosure, so left NOTHING off. (Well, there was that one bobblehead in the car I forgot).

Itemizing to this extent was unnecessary, of course. But since I'm looking for a job, I figured I might as well use my Petition as an extended resume and show what I can do. When my 341 rolls around the end of this month, the Trustee may decide I'm exactly what his office needs. LOL. In this economy, you've got to try to turn everything into an opportunity.

[lotsahats]

You've just described my furniture--worthless. My husband bought most of ours second-hand before we got married, almost ten years ago, and, since then, the kids have added their own personal touch. I honestly don't think I could give the stuff away.

I bet, though, if you were Brad Pitt, you could avoid bankruptcy altogether by selling your used toothbrushes on ebay. Someone paid $5K for a Kleenex that Scarlett Johansen sneezed in, for God's sake!

[AngelinaCatHub]

Most anything purchased today is made of pressed paper or wood chips if furniture or Chinese electronics soon to be obsolete used once. All the crap we buy is junk. We attempt to buy 40s 50s stuff and refinish as this is real wood.

If you have real antiques call them old furniture as the value is in the eye of the beholder. What you think is nice I would consider kindling wood, right? So it is all a perspective. Personal property is like this: Wife needs some undies. $6. She wears them once. So far? Would you wish to buy them? Value $0. OK? It's like a roll of toilet paper, new 25 cents, used, LOLOLOLOLOL. 'Hub

[mountanddo]

Most anything purchased today is made of pressed paper or wood chips if furniture or Chinese electronics soon to be obsolete used once. All the crap we buy is junk. We attempt to buy 40s 50s stuff and refinish as this is real wood.

If you have real antiques call them old furniture as the value is in the eye of the beholder. What you think is nice I would consider kindling wood, right? So it is all a perspective. Personal property is like this: Wife needs some undies. $6. She wears them once. So far? Would you wish to buy them? Value $0. OK? It's like a roll of toilet paper, new 25 cents, used, LOLOLOLOLOL. 'Hub

Well, hold on a minute...Are they Victoria Secret undies? You can pay upwards of $25 a pair for those! I mean she only wore them once right? HAHAHA, ok I'm just kidding but honestly they do sell underwear at the goodwill and it's NOT VS either. But then I've also seen half bottles of lotion, makeup and used lipstick being sold at garage sales too. Go figure.