Replacement Value - What Does it Mean??

[ApresMoi]

I hope you're not itemizing your possessions in some detailed manner. That is overkill.

Besides, unless those PI's outside have really powerful binoculars I doubt they'll be able to appraise your stuff accurately.

These posts are very helpful. Thank you all. No, I will not provide detail, but I appreciate the reminder.

Binocs or no binocs, no one can see in here. I'm on an upper level, etc.

[OhioFiler]

I hope you're not itemizing your possessions in some detailed manner. That is overkill.

Besides, unless those PI's outside have really powerful binoculars I doubt they'll be able to appraise your stuff accurately.

[backtoschool]

You should value your stuff at what you could get for it on ebay or craigslist, etc if you had to sell it right away. Garage sale prices are probably a bit too low for an antique, but you would not get top dollar if you had to sell it right away, and neither would the trustee. Basically, an antique is used furniture in terms of bankruptcy schedules.

Value it as an ebay bargain.

[flyinbroke]

One lawyer (have not met with him yet, but website is very thorough) had his pre BK papers on there. He said that when you value your items, make them garage sale prices, and guides further to say no more than 10 cents on the dollar. They want to know how much they can make on fire sale prices. In this market nothing will command top value.

Appraisals are for insurance purposes only and are usually replacement value if you have full replacement insurance.

[ApresMoi]

What garage sales are you attending?????
For BK purposes Antique = Old, which means cheap. Don't over value your stuff.

No, it's an actual antique that has value. Over 100 years old. I can't lie about value, but there appears to be a WIDE range of valuation options.

[ApresMoi]

And do BK trustees automatically become interested in any one item valued at more than a few thousand (e.g., require formal appraisals)? I have been told that appraisers will come in at the very high end of valuations, whereas auction houses give you 'fair market value' -- what the item will actually sell for, not it's 'theoretical value'.

Why do appraisers do this anyway (value so high). What's their motive for doing so? Who benefits from that? Just curious.

[StartingOver08]

What garage sales are you attending?????
For BK purposes Antique = Old, which means cheap. Don't over value your stuff.

[ApresMoi]

Here's an example. If an antique is put out in a yard sale, I MIGHT get $1,000 for it. If I sold it at an auction house, I might get $1,700 (after they take their commission). Let's say a formal appraisal would value the item at $4K (have no idea). Further, if I had to walk into a ritzy antique store and buy it, I might have to pay $5K for it. Why? Because ritzy antique shop owners are insane, that's why.

So WHAT is this item's value for purposes of a Ch. 7?.