anonymuse
09-27-2006, 03:30 PM
How Property Is Valued for Exemption Purposes
Under the old rules, you could value your property at
roughly what you could get for it at your own garage
sale. The new bankruptcy law uses a new standard:
You must value property at what it would cost to
buy it from a retail vendor, taking the property’s age
and condition into account. (11 U.S.C. §§ 506 and
527(b).) For cars, this “replacement value” will be
the retail amount listed in the Kelly Blue Book or
similar price guides. For other property, you will have
to use the amount for which similar property is sold
on eBay, or at used clothing or furniture stores, flea
markets, and the like.
Under the old rules, you could value your property at
roughly what you could get for it at your own garage
sale. The new bankruptcy law uses a new standard:
You must value property at what it would cost to
buy it from a retail vendor, taking the property’s age
and condition into account. (11 U.S.C. §§ 506 and
527(b).) For cars, this “replacement value” will be
the retail amount listed in the Kelly Blue Book or
similar price guides. For other property, you will have
to use the amount for which similar property is sold
on eBay, or at used clothing or furniture stores, flea
markets, and the like.