Property Valuation
Since many of you have gone through the bankruptcies already, I had a few questions about property valuation (Florida bankruptcy).
We are going to be going through bankruptcy here sooner than later. Have already spoken to a couple of lawyers and they gave me no information on the property valuation process because they didn't know anything about it. I am wondering what items are the property appraisers going to be looking for. Is it every last little item in my home, or is it just going to be major items, such as jewelry, electronics, furniture, art, etc.? We have an acquaintance that when through a bankruptcy, and her property appraiser only appraised her electronics, furniture, and art\jewelry, and nothing else. Is this common or uncommon? I was told by one of the attorneys that they also will look at my checking\savings accounts? How much can I have in those in the State of Florida bankruptcy?
Lastly, both of the attorneys I have talked to have told me that in Florida bankruptcies, each person in the household is exempt for $1000. We have a 3-year old daughter who is doted upon by everyone and has many a item of toys, dolls, etc. Does she also have an $1000 exemption on her items (with most of her items being gifts, I am not even sure how to value those!!) as well as the $2000 for my wife and I together? If so, then that would be most helpful as most of our large ticket items are very old and wouldn't get much at garage sale value.
Thanks ahead of time for those of you who reply to this post.
We are going to be going through bankruptcy here sooner than later. Have already spoken to a couple of lawyers and they gave me no information on the property valuation process because they didn't know anything about it. I am wondering what items are the property appraisers going to be looking for. Is it every last little item in my home, or is it just going to be major items, such as jewelry, electronics, furniture, art, etc.? We have an acquaintance that when through a bankruptcy, and her property appraiser only appraised her electronics, furniture, and art\jewelry, and nothing else. Is this common or uncommon? I was told by one of the attorneys that they also will look at my checking\savings accounts? How much can I have in those in the State of Florida bankruptcy?
Lastly, both of the attorneys I have talked to have told me that in Florida bankruptcies, each person in the household is exempt for $1000. We have a 3-year old daughter who is doted upon by everyone and has many a item of toys, dolls, etc. Does she also have an $1000 exemption on her items (with most of her items being gifts, I am not even sure how to value those!!) as well as the $2000 for my wife and I together? If so, then that would be most helpful as most of our large ticket items are very old and wouldn't get much at garage sale value.
Thanks ahead of time for those of you who reply to this post.