Question About Valuing Property.
I am considering bankruptcy (had a process server drop by ) and am starting collecting info on my assets. First of all, I have a two year old computer, paid for. A bunch of science fiction books-- none of them collectables. Ditto for some games, an old TV and a 99dollar VCR. So, how would I value them? Would I just lump them in some given sum and wait and see if the creditor decides that I valued them too low? My second problem is taht while I know the name of most of my old credit cards, I don't have a lot of records left-- water damage in the house managed to wreck a good amount of paperwork. How would I go about regaining that information for the lawyer?
Answer:
Most items of personal property are valued at liquidation, auction or fire sale prices. If you value things too low, it is likely that the Trustee will try to take action against you, rather than a creditor. Speak with your attorney about the best way to deal with this. You may want to pull your credit reports from each of the three credit reporting agencies to make sure all your debts are listed.
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