Asset Value

[coopersmydog]

I'm having some trouble understanding how a "fair market value" is established for certain assets. For example - I have the following things:

Pool Table
HD TV
Some Stereo Equipment
Random Tools
Books
Furniture
Appliances
Clothes
Etc.

I own all of these "assets" free and clear. If I were to file chapter 7 (55K CC Debt), what happens to my stuff? How is the value determined when it comes to exemptions, etc.

Thanks.

[relief13035]

The best answer: If you were going to garage sales in your home town and these items were in somebody's driveway for sale, what price would they be selling for?

We all think our "stuff" is worth a lot, but in actuality the fair market value of used items are very low.

[TEW]

how much would you ask for them at a garage sale. Used electronics do not hold value well
How much would you pay for the stuff? And don’t kill yourself on that stuff no one is going to check. I spent 4 days doing mine and my lawyer looked at the total on the last page and put it on the stack. Try to stay under the exemption.