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In the alphabet of bankruptcies, the letter V stands for value.
What you get to keep after filing for bankruptcy depends on the value of your assets. Whether you can remove liens on assets that are subject to them depends on the value of those assets.
One should always keep in mind that declaring bankruptcy is a picture of your assets and debts on the day you do it. The value of your assets on the day that you filed for bankruptcy is essential to how a bankruptcy case operates.
Since the value for these purposes is determined by the price at which you might sell the relevant items, it can be challenging for families to understand that the worth of their personal property is very low. That may be a depressing figure, especially given the state of the economy today.
What is the worth of it?
People do bizarre discussions regarding the worth of the customers’ possessions. Upon asking them how much their furniture is worth, they tell me a big amount.
It is always preferable for the public to be aware that the value of assets in bankruptcy is what those assets would sell for on the open market today.
Many exemptions are restricted to a specific amount in money. It works in your favour if you wish to maintain the asset that stuff you acquired for much more may now be sold for much less.
If you happen to be a resident of Dallas or Los Angeles and are seeking for a good bankruptcy firm, you may contact Recovery Law Group at (888-297-6203). You may also use the link to book an online appointment and learn more about them: https://recoverylawgroup.com/bankruptcy/
Your valuables’ reduced worth increases the likelihood that they may qualify for the exemption. Assets that are subject to voluntary or involuntary liens represent another situation where a lower value upon filing benefits the client. The likelihood that the debtor can remove liens that don’t actually tie to equity in the asset increases with the value of the property, company, or timeshares decreasing.
You will benefit in the future as a result of that decreased value since a lien that is peeled off is permanently gone.