Valuation

[13in2010]

Where do you go to get a true valuation of your assets for all the paperwork you have to fill out? I was going to use the deduction software from H&R Block, but I'm not sure that's accepted. Where did/do you go?

TIA.

[justbroke]

I used It'sDeductible as well.

For personal property like furniture, clothing, etc, it's yard sale prices. In other words, what you could sell it for, today. For other property including your home, a car or other motor vehicle, it's replacement cost (market value).

"Replacement cost" defines what you would pay to actually purchase the same item today, with similar brand, condition and age. So "replacement" cost does not mean what you can sell it for. It means what you could "buy" it for.

Be aware that many people over-value their property. Most attorneys will not tell you what your property is worth, because they've never seen it. However, many will make suggestions of where to look (flea markets, Craig's List, eBay, yard sales, newspaper).

[13in2010]

Wow, sounds like it's going to take forever if I have to do that much research for every item. What do you use for your house? Comps in the neighborhood?

[justbroke]

As for your "personal" property, you don't need to go through each pair of pants. Just get an idea what the value is ($5-10 a pair) and multiply by how many you have. It's not a long exercise and you should be done in 30-60 minutes. It's Deductible isn't even "that much research" because everything is already grouped on their website.

I used an AVM (automated valuation model) from a website online. It cost $30. But I was also doing a lien strip, so I then had a full residential appraisal done ($300). You can just use Zillow or Domania if you want. If the Trustee questions it, just say you used Zillow.

(However, if you're doing a lien strip in a Chapter 13, Zillow and Domania just won't cut it as best evidence.)

[JackBondLove]

As for your "personal" property, you don't need to go through each pair of pants.

LOL! I did. My attorney simply merged everything together into categories with a total. The only non-exempt stuff I have (other than a small overage in homestead equity) are in the hobbies, collecting & sporting equipment category, with a total of about $3K.

[13in2010]

As for your "personal" property, you don't need to go through each pair of pants. Just get an idea what the value is ($5-10 a pair) and multiply by how many you have. It's not a long exercise and you should be done in 30-60 minutes. It's Deductible isn't even "that much research" because everything is already grouped on their website.

I used an AVM (automated valuation model) from a website online. It cost $30. But I was also doing a lien strip, so I then had a full residential appraisal done ($300). You can just use Zillow or Domania if you want. If the Trustee questions it, just say you used Zillow.

(However, if you're doing a lien strip in a Chapter 13, Zillow and Domania just won't cut it as best evidence.)

I know using "It's Deductible" is absolutely no research, but you mentioned using garage sale prices for personal property. Honestly, I have absolutely NO idea how much things would sell for at a garage sale. And researching Craig's list will be a timesucker, but that's just me. ;) I guess we just have a lot of crap.

[Amadan]

I think this is all the paperwork we have left before we get started for real. I am just confused and lost as I could possibly be. I am in Texas, so I understand we have much more liberal exemptions than other states, but I still cant seem to figure out what that means.
Due to the decline in DMI and the increase in payments we havent bought much over the past 2 years, so all our clothes are old. Our furniture was all purchased secondhand on craigslist or given to us. There are only 3 items that I culd say for sure are worth over the $500+ per single item cap (if i even understand that).
1) my great grandmothers hammond organ
2) my wifes grandmothers piano
3) my pinball machine, that I purchased as junk for $400 and have spent 3 years restoring

The pinball machine is worth $1200 per ebay sales, not sure on the piano or organ since i havent seen either specific model, but its safe to assume $600-1000 each. The pinball would be a heartbreak to lose, I would almost rather burn it based on how much of myself went into the restoration. I refuse to lose the piano and organ as they are family heirlooms.

But I also have some other collectible items as well. No single item worth more than $300 on the open market, but probably close to $2000-2500 if I sold them all.

I just wonder how much DETAIL they want. Do i really need to list every single sock, pencil, knick knack, book, ect? But if I lump things into catagories is there a problem such as "collectibles $2500" and "clothes for family of four $200". Will they question if i value the pinball at what I paid for it and not what the market value is? I bought it off craigslist, so there is no receipt or proof. Same with my furniture. We did almost the whole house for less than $3000 when we bought living/dining/3 bedrooms worth, and that was years of use ago. So i guess part of it is I am scared about them saying something about most categories being too low, and something they might see as unneccasary as too high and wanting to take it.
I am rambling, sorry. Overall if we get $60k exempt, and we have $20k in equity on our home which we are current on and plan to keep, and EVERYTHING else in the house is worth well below $40k can they still take stuff or are we ok? we will have to file a 13, we dont qualify for a 7.