Valuation of Property?

[Chicago]

I had a consult with an attorney yesterday and she thinks I'd easily fall into a Chapter 7. The only thing she's concerned about is the valuation of my property (personal and business assets). I made a complete list of everything I own, the purchase price, and the purchase date and she said it was a bit too detailed. Instead of Mackie SRM 450 speaker, she thought I should just put 'speaker.' And the original purchase price of personal assets came to around $25,000 and business assets were around $16,000 (PA System, lights, and computer).

What kind of valuation are the trustees looking for on these things? Do I go to a pawn shop and see what they'd give me for the stuff and have them put it in writing? Do I simply guesstimate at 10% and put that since that would easily put me under the $4000/$1500 exemption limits? I know many people suggest "garage sale" pricing but how do you come up with those prices?

She mentioned searching on eBay but I'd like to avoid that since most of my PA gear is still being made and sold as new but I bought my stuff seven/eight years ago or more.

And I asked her what the trustees are like here in the Northern Illinois area and she said most are pretty decent, though there is one guy who has a reputation for being nasty and squeezing more assets out of filers than anyone else. It's the luck of the draw on who I'd get but I'd love to figure out a way to find out who he is beforehand. She wouldn't tell me that much.

[DayOne]

Chicago,

I have used this site in the past for valuations.

It says my Mackie 1604 is worth $344 although I can't imagine anyone paying that much for a pretty old piece of gear. I also need to subtract $40 since I broke the pan knob off channel 1 a few months back.

I am just starting to search for an attorney. I saw from your other posts that you have already made the rounds. I was warned by others stay away from the big box BK attny's (peter francis, etc...) They sound like bad news and your story seemed to confirm it.

Keep us posted on if you find a good one.

[BKTango]

Be sure you keep your list as far from being to detailed as possible. Go room to room and write down furniture - $$$, Appliances - $$$, electronic equipment - $$$ and so on. Ask yourself if you walked into a pawn shop tomorrow or someone's garage sale what would you pay for an 8 yr old speaker...I'm guessing you might pay around $100 - $150 or so for one at a place like that. This is not the time to be proud of your belongings, give your best guess at garage sale, second hand store, and pawn shop prices or else you could end up shooting yourself in the foot.

[SinkingFast]

Value your property based on pricing you'd pay to repurchase a like item.

Where do you find an 8 year old sofa?? Yard sales, garage sales, 2nd hand furniture stores.

Another place to look for values of some of your more "exotic" or specialized things,............. Try eBay or the Goodwill Auction website. If you're an eBay User, you can look for recently closed sales. And the Goodwill Auction website has base price bid opens. So you've got basis for your values.

And don't be too specific with your descriptions. Lump or group things together. Like all your "kitchen items" and a dollar amount. Or say "furniture and household goods" and a dollar amount. Only break out what's specifically requested on the BK paperwork.