exemptions ?

[trimguy35]

i went to my attorney today to drop off my paperwork, she wasn't in, her
secretary said i need to make a list of all my household items, everything
from furniture, computers,clothes.. ect... what happens by chance if i do
go over ohio's exemption allowance of 2000.00, that is not alot? does the
trustee weigh it out and decide if it is worth selling?, my attorney told
me last week when i went to pay her her first half of the money, i was
concerned about my bass boat, her bluebook software appraised it at
1500.00 , she told me he wasn't going to take my boat, it is not worth
his time of trying to sell it, so i am kinda confused, i am kinda a pack rat,
i have alot of stuff, but not really worth but a couple hundred here and
there, but i am sure i will go over my exemption , will he just decide if it
is worth his time of selling it or not? , if anybody has any feedback i would
appreciate it...

[Pinktiger]

They should have told you more.

You use "garage sale" prices to estimate your personal effects' worth. For example, that $700 couch is only worth about $50 if you put it out on the lawn and sold it today. They don't expect you to put down what you paid or anywhere near. The only exception would be fine art items or anything of high value, such as sterling silver tea services and cutlery, and even then it depends on the manufacturer, etc. Most of us don't have that stuff. If we did, we'd be selling it.

[StaciMM]

Backing up Pinktiger's comment, keep in mind that used furniture & other household items really aren't worth a whole lot! (I don't know about the bass boat though.)

[trimguy35]

thanks so much for the feedback!,

[HHM]

Generally, the standard is fair market value.

What that means for furniture and other personal effects is garage sale value because there really is no market for used furniture.

However, for items like cars and boats, it would be the prevailing resale value of the item in your area.