Replacement Value?

[Hope2File]

I downloaded the NOLO book last night and noticed that it recommends using replacement value on the schedule of assets.

One of the attorneys I had the 'free' consultation with told me to list all of my household property at "yard sale" prices. Since he is practicing in my district, I was going to go with what he said.

Any thoughts?

[justbroke]

Yes, yard sale prices are what's used for personal property (like household items). So, you really shouldn't have any significant value for clothing and even your furniture. Think about how much you'd pay for a 10 year old couch with cat urine stains on it, at a yeard sale. Not much!

[justagirl]

From what I understand, your attorney is correct. Price items according to how much they would sell at a yard sale or could be purchased at Goodwill, etc. That is what I did on my BK petition.

I actually think of "replacement value" meaning along the same lines...how much would it cost to replace the item with the same item, same condition, same age. For example, my TV is 10 years old...how much would it cost to replace my TV with another comparable 10-year-old TV. I don't know if that is what the Nolo book really means - that's just my interpretation of it!

Hope that helps...and hope I didn't confuse you!

~JAG

[indy4192]

What about a dog?

How do I value my dog? I have it listed and know what it cost to adopt him, just wasn't sure what value to list him at?

[AngelinaCat]

How do I value my dog? I have it listed and know what it cost to adopt him, just wasn't sure what value to list him at?

We had the same question in our paperwork. We have three cats, all rescued strays. Two actually strayed up into our yard, and the third was rescued by a friend who couldn't keep him as she already had three cats, a dog, and an invalid bedridden husband.

In that we didn't get them from the Humane Society--and didn't think to call and ask--we had no idea what their adoption fees would be. So we listed a 'value' of $1.00 each. Now, these cats are family, and to us are priceless, but we listed the dollar to have something to put in the blank.

The trustee did ask about the cats, and we told him what I put here. I actually think that question is there for people who own pedigreed animals, especially the show-quality animals that are used for breeding.

Good luck to you.

[JoeBankrupt33]

I listed my dog under animals. The entry says "Dog - mut" with a value of $10.00. Nobody ever said anything.