Assigning Values to Assets

[Anonymous]

This has got to be the most difficult part for me in bankruptcy and assigning values to what I have. The paperwork my lawyer gave me says to use garage sale values and doesnt ask for a quantity of items so for things such as child toys I estimate it as bulk lot. Some stuff Im able to research but I tend to be valuating alot of my stuff such as bath towels, towel holders, bedding sheets in between the 5 to 20 dollar range. I would be lying if I didn't take a rough guess on some of the items. This part has me overwhelmed. Sorry for the rant.

[Scupra]

I felt the same. When I spoke with my lawyer he told me I'm making it WAY harder than needed. I think he told me 10 minutes should be what you need lol.

[jinxd]

I think I wasted an entire day trying to do that and then ended up calling my lawyer for verification. It's really much simpler than it feels while you're in the middle of it. Don't overthink it.... if you were at someone else's garage sale and buying all the linens you own in a a bulk lot, how much would you be willing to pay? Don't factor in what something originally cost you or any sentimental value. It's okay to guesstimate, there's not really a set value on most used items, considering age, wear, etc. 

[Anonymous]

---

@jinxd wrote:

I think I wasted an entire day trying to do that and then ended up calling my lawyer for verification. It's really much simpler than it feels while you're in the middle of it. Don't overthink it.... if you were at someone else's garage sale and buying all the linens you own in a a bulk lot, how much would you be willing to pay? Don't factor in what something originally cost you or any sentimental value. It's okay to guesstimate, there's not really a set value on most used items, considering age, wear, etc. 

---

What would I tell the trustee if he ask how I came up with my values, some stuff I looked on ebay, and offerup to see what other people were seling the items for, I searched bulk lots, individual items, for items I couldn't find, I put a rough guess, is that what I would say since that's the honest truth? I mean it's obvious that if they had any interest in my items that they would send their own appraisar out I would think.

[Anonymous]

Basically go room to room and think of what you have in that room and what YOU would buy it for from a garage sale. Also, you can't count the price of a mattress since those "can" have bed bugs, and they don't consider those resellable. The only room the lawyer didn't have us count was the kitchen since it just had dishes, and a butcher block since it's not large enough for a table or anything else so he was like don't even bother.

[StartingOver10]

---

@Anonymous wrote:

---

@jinxd wrote:

I think I wasted an entire day trying to do that and then ended up calling my lawyer for verification. It's really much simpler than it feels while you're in the middle of it. Don't overthink it.... if you were at someone else's garage sale and buying all the linens you own in a a bulk lot, how much would you be willing to pay? Don't factor in what something originally cost you or any sentimental value. It's okay to guesstimate, there's not really a set value on most used items, considering age, wear, etc. 

---

What would I tell the trustee if he ask how I came up with my values, some stuff I looked on ebay, and offerup to see what other people were seling the items for, I searched bulk lots, individual items, for items I couldn't find, I put a rough guess, is that what I would say since that's the honest truth? I mean it's obvious that if they had any interest in my items that they would send their own appraisar out I would think.

---

^^^This.  Put down the garage sale values for most items. The items that have actual value - cars - houses - and other assets will get scrutiny from the trustee. The other stuff doesn't have much value at all. Have a liquidator come out and value entire rooms if you want a piece of paper to show value - the estimate is free and liquidators truly pay next to nothing.  

[Anonymous]

---

@Anonymous wrote:
This has got to be the most difficult part for me in bankruptcy and assigning values to what I have. The paperwork my lawyer gave me says to use garage sale values and doesnt ask for a quantity of items so for things such as child toys I estimate it as bulk lot. Some stuff Im able to research but I tend to be valuating alot of my stuff such as bath towels, towel holders, bedding sheets in between the 5 to 20 dollar range. I would be lying if I didn't take a rough guess on some of the items. This part has me overwhelmed. Sorry for the rant.

---

I totally understand, kingmartin! This was one of the hardest parts for me about BK as well. Do keep it simple, though, I found out I was definitely making it harder than it had to be! 

[Scupra]

Especially when your 341 will be shorter than the time you put into values

[Anonymous]

---

@Scupra wrote:
Especially when your 341 will be shorter than the time you put into values

---

So true!