How Are Personal Assets Valued in Bankruptcy Proceedings?
When you file bankruptcy you have to assign a value to your personal assets and then list them in documents called schedules. All of your assets, liabilities, income and expenses are listed in various schedules and then filed with the bankruptcy court.
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Considerations
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The following are considered personal assets: furniture, computers, automobiles, appliances, household goods and furnishings, collectibles, coins, televisions, jewelry, art work, valuables and electronic equipment. There are many more items that can be listed as assets.
Significance
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Your assets should be assigned a value as though you were selling them at a yard sale or eBay, according to the DC Bankruptcy Blog website. The value will be considerably less than what you paid for the merchandise. All of your personal assets will be listed in schedule B.
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Features
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An automobile can be valued at the blue book or NADA (National Automobile Dealers Association) value. You want to make sure you make mention of defects such as dents, paint peeling, cracked windshield or a missing fender. Include other pertinent information such as the mileage. This will help you get an accurate price.
Benefits
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The majority of bankruptcies allow debtors to keep their personal property according to the Chicago Bankruptcy Lawyers website.
Warning
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When you file a petition for bankruptcy there are certain items which are exempt or protected from the claims of creditors. Exempt assets still need to be listed in schedule C.
Appraisal
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Clothing and household goods will have an extremely low value according to the website of Young, Brooks & Pefka. eBay provides an appraisal source for your artwork and antiques, according to DC Bankruptcy Blog.
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References
- Chicago Bankruptcy Lawyers: Bankruptcy Petition and Schedules
- Young, Brooks & Pefka: Bankruptcy FAQ
- DC Bankruptcy Blog: How to Value Your Personal Property for Purposes of Bankruptcy in Washington D.C. and Maryland
- Bankruptcy Law Network: How Do I Value My Vehicle?
- Los Angeles Bankruptcy Attorneys: Can I Use the County Tax Assessed Value of My Home...
