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Itemizng and Valueing my possesions for BK

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    #1

    Itemizng and Valueing my possesions for BK

    Hello,

    I am getting ready to file Ch 7. I have met with and attorney and have gotten all the paperwork needed to file. My attorney told me to go to Salvation Army/Goodwill to get values on all my stuff, however, they don't have everything. How do I value the things they don't have, such as my gun, Refrigerator, lawnmower and so on? Also, how to go about itemizing everything? Do I have to break down everything, For example, 6 forks, 6 spoons, 6 knives?

    thank you in advance
    Tags: None
    #2
    You don't have to count your forks.
    General categories such as "kitchenware" should more than cover it. And all of your kitchenware, unless you have sterling silver, isn't worth more than maybe 25 bucks.
    Your used appliances, all totalled, are probably worth a couple hundred, maybe, for everything.
    Your gun.... dunno about that. Is it a collector's item?
    Only in the middle district of FL do you have to be overly concerned about someone taking your everyday junk.
    And generally speaking (at least here) Goodwill is overpriced. Use SA/ garage sale prices.

    Keep On Smilin'

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      #3
      You can always check eBay completed listings to see what comparable items sold for.

      Comment

        #4
        ^if you do, be sure to subtract fees. Truly, don't stress too much over this. Most people's stuff is junk. And whatever you have would be sold at a fire sale, not a 30-day ebay listing. Pretend you are having a HUGE GARAGE SALE, EVERYTHING MUST GO. That's how you price. There is a thread on this somewhere.....

        Keep On Smilin'

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          #5
          OTOH--- looking around, feeling saddle by all this STUFF.... I'd be tempted to have the tt take all my carp lol. cheaper than hiring a dumpster. Think he's believe me if I said my paperbacks were worth 1000's?

          Keep On Smilin'

          Comment

            #6
            Originally posted by keepsmiling View Post
            OTOH--- looking around, feeling saddle by all this STUFF.... I'd be tempted to have the tt take all my carp lol. cheaper than hiring a dumpster. Think he's believe me if I said my paperbacks were worth 1000's?
            Yeah. Come clean out my basement and garage! PLEEEEEAAAAASE!!!!!!!

            Definitely group your property into categories. Small kitchen appliances. Dishes, pots and pans. Clothing. Miscellaneous household items. You may want to list large items like refrigerator, stove and a couch and other large furniture separately. If your attorney needs more detail, he'll ask.
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

            Comment

              #7
              My lawyer emphasized that the values should be garage sale values. 50 cents for a DVD, etc.

              As far as your gun, my lawyer told me a reasonable value would be a pawn shop buy price. A pawn shop will usually buy a gun for 50% of book value. For example, You might buy a Glock 19 for $550. Used, it's worth $400. A pawn shop would probably offer you $200.

              When I listed firearms, I used the 50% of book value and then I added a little because I still didn't feel the prices looked right. So in the case of a Glock 19, I would have probably listed $250. I think $250 is what I listed my 1911 as, and I listed a pump 870 at $150.
              Chapter 7, above median, no asset. Discharged with no UST involvement.

              Comment

                #8
                The above posters have it right it's the end of the day you don't want to pack all that stuff back up so that is the price you use for the tt

                Pam

                Comment

                  #9
                  Also if you had anything appraised, like jewelry, do not use the appraised value. Still use pawn shop pricing. Learned from that mistake.

                  Comment

                    #10
                    Look for a thread started by Sammie. They may be converting from a 13 to a 7. This valuation question has come up in the last several posts on that thread. Basically, think Yard Sale. Goodwill is too high--at least around here.

                    Think about what you would be willing to take for an old piece of furniture, that you have marked down TWICE, and have still gotten no offers for.

                    It is now 2:00 PM. You are hot, blistered from the sun, or the heavens have just opened up and dumped buckets of water on you and your stuff. Now you either have to take it home and dry it out, or you store it wet, and it molds, or you take it to the dump. (You really do have to think in those terms.)

                    Welcome to the forum, BTW. Sometimes I forget my manners.
                    "To go bravely forward is to invite a miracle."

                    "Worry is the darkroom where negatives are formed."

                    Comment

                      #11
                      Great. Thank you guys for the replies!!

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