According to thelawyers of Los Angeles based law firm, while filing for bankruptcy you need to list all your personal property along with its current value. This is the price that anyone would pay for the property and depends on the condition and age of the property. Moreover, there can be questions from the trustee and creditors regarding the information provided.Thus, written documentation backing the evaluation supporting your claim of the property’s valueis important.
There are different methods to calculate the value of the property, here are some ways to calculate replacement value of personal property:
Household goods and furnishings
These include the furniture, electronic items including TV, computer, audio-video equipment etc., silverware and other items found in the house. To determine their value, you can use thrift shops, or portals like eBay or Craigslist. The average cost of items like yours in age and condition can serve as an idea to the worth of your property. in case you are asked for documentation, you need to keep a record of the date and place from which you obtained the value for these properties. Usually, properties which are worn-out and old have little monetary value.
Jewelery and fur
A licensed appraiser is your best bet to find out the value of jewelery and fur. Most property or estate dealers are qualified to appraise assets during bankruptcy. It is important to get a written receipt to support the appraiser’s assessment of the value for the trustees. Generally, appraisals from pawn shops or those for insurance purpose are not considered ideal in this case as the former is generally lower and latter higher in value.
The value of artwork might range from extremely high to no value, depending on what you paid for it. A reputable art dealer, auctioneer or licensed appraiser can help you determine the accurate value of the piece.
Car and other vehicles
NADA, local CarMax dealer or the Kelly Blue Book can be the ideal places to determine the replacement value of your vehicle.
Since you are required to disclose your personal property and its replacement value to the court under the penalty of perjury, any discrepancy may result in fine, penalty or loss of bankruptcy discharge. You can call (888-297-6203) to consult with experienced bankruptcy lawyers regarding this.