Replacement cost or Garage Sale Values?

[jb300]

What do I use, one attroney said Garage Sale values and the NOLO book is saying replacement cost which to me isn't right.

[willbfree]

Garage sale prices are what I was told to use. I researched prices on my local Cr*igslist and printed out some listings as proof if the trustee questioned it.

[jb300]

Have I said I hate this yet.... I feel this is consuming my whole life. I have spent the last month and half trying to get everything ready. Thought I had an attorney and he turned out to be a self rightous A** , so now I start again this week with trying to find another new one.

Had one answer me back via email Friday and another one told me I would have to call him in an email he sent me today.

Thank-you... garage sale prices it is.

[chad9162]

Well I don't think replacement price would be correct since your items are used and replacements would be new. We were told garage sale prices. For the vehicles, we were told Private Party "GOOD". Items that actually maintain a decent value like high-end camera equipment you could use ebay or craigslist, but the value would be after expenses to sell the item.

[StartingOver08]

On the vehicles - it depends upon which district you are in for the valuation model. Here is Fl the Trustee's use NADA Retail. Obviously that figure is nowhere close to actual value - so if you have excess equity, it is better to get an independent vehicle appraisal to show real fair market value.

As to the other items - garage sale value is right.

[HHM]

I cannot vouch for the Nolo Book (I really don't think it's that great, but its the only thing out there accessible to non-lawyers).

Replacement cost can have two meanings.

Replace it for something "similar in similar condition" (which is pretty much the same as garage sale value). or
Replace it for something similar but new.

The value is really what the trustee could sell it for, or its liquidation value.