Hello!
I had a sole proprietor gift shop that we had to close. We filed a chapter 7 which was discharged in June, but case still not closed as I have non exempt inventory.
The wholesale cost of my remaining inventory is approx 26k. It consists of gifty type items, magnets, paperweights ornaments, tiles, wind chimes, some stemware, pottery & glass stuff--
The trustee finally came by today to look at it and said they would come with a truck and just load it and take it. He did make a comment that I must have had "quite a markup" for 26k worth,--the inventory is nice quality but they didn't actually look in any of the boxes. I took that as he wasn't that impressed, or that he thought the 26k was the retail price, I'm not sure. I listed it as wholesale cost in my paperwork.
I asked about buying it back, he said to make an offer through my attorney, and they would counter or not.
Question-what percent on the dollar should I offer? If he were to go through a liquidator, what' % of wholesale cost is common, and how much in fees does a liquidator usually collect? Are they usually willing to take a payment plan and for how long would be reasonable?
Thanks!
I had a sole proprietor gift shop that we had to close. We filed a chapter 7 which was discharged in June, but case still not closed as I have non exempt inventory.
The wholesale cost of my remaining inventory is approx 26k. It consists of gifty type items, magnets, paperweights ornaments, tiles, wind chimes, some stemware, pottery & glass stuff--
The trustee finally came by today to look at it and said they would come with a truck and just load it and take it. He did make a comment that I must have had "quite a markup" for 26k worth,--the inventory is nice quality but they didn't actually look in any of the boxes. I took that as he wasn't that impressed, or that he thought the 26k was the retail price, I'm not sure. I listed it as wholesale cost in my paperwork.
I asked about buying it back, he said to make an offer through my attorney, and they would counter or not.
Question-what percent on the dollar should I offer? If he were to go through a liquidator, what' % of wholesale cost is common, and how much in fees does a liquidator usually collect? Are they usually willing to take a payment plan and for how long would be reasonable?
Thanks!
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