Valuating Personal Assets

[Anonymous]

How important is it to accurately valuate your personal assets such as clothing, child toys, etc? Do you have to count exactly how many of each item you have? I know this could take a while, would it be worth hiring a bankruptcy appraisal firm to come out to the property and valuate your belongings before filing?

[krielly]

We were told by our attorney to use "yard sale" value estimates on personal property. Think "quick sale" realistic value if you were having to liquidate items quickly for cash.

[StartingOver10]

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@Anonymous wrote:

How important is it to accurately valuate your personal assets such as clothing, child toys, etc? Do you have to count exactly how many of each item you have? I know this could take a while, would it be worth hiring a bankruptcy appraisal firm to come out to the property and valuate your belongings before filing?

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Agree with Krielly above.  

Don't hire a bankruptcy appraisal firm to value your assets.  If the trustee doesn't like your valuations, they will say so. Garage sale valuations for your personal items seems to be the norm with the exception of valuables (jewlery, original art etc).