Any good valuation sites?

[so-beyond-broke]

Hi everyone:

Does anyone know of any good valuation sites. I have some old things that are probably not worth too much, but I want to get a sense of their value before filing my bk. I already know of the salvation army site, but its very basic. Any suggestions.

Thanks,

so-beyond

[bkfiler]

i believe you are supposed to use replacement costs now. which i cant believe. just use the newspaper. see what its going for.

[so-beyond-broke]

That's absurd!!

Hi Bkfiler

Wouldn't the replacement cost turn out to be more $$? After all I am trying to protect as many of my things under the exemption amount. Things depreciate in value over the years. For instance, I have a 13" TV that I bought for my kids 9 years ago cost me $100. If I tried to sell it, it would probably be worth only $20. I could probably get a new tv similar to the one I have for about maybe $60-$80 tops brand new in lets say Target. So when you mention replacement cost, do you mean - new or used replacement costs.

so-beyond

i believe you are supposed to use replacement costs now. which i cant believe. just use the newspaper. see what its going for.

[bkfiler]

ask the courts. its their new rule. and if its like i heard it was then its new replacement cost which is absurd.

[mangoman39]

Well, I filed under the new laws. It's definitely NEW replacement cost. If I have a tv that I paid $200 for and it's now worth $50. I don't use the $50. I use whataever a similar tv costs now. Thankfully I got to use the federal exemptions instead of the Florida exemptions.....I'd be walking away from this with nothing

[bkfiler]

im gonna be SICK!

[FoolAndHisMoney]

I still have trouble believing this. I even checked cases in my area on pacer and some typical house hold items had low values. I still think it's only for secured items but I won't argue with you mangoman39 since you filed and experienced it. I know I said this before but debtors can simply dump all this old sh!t on the trustee and buy new instead of redeeming an old TV or coffee table.

I also read that unsecured creditors in chapter 13 cases will be screwed even more thanks to this new rule. Secured loans for cars, boats, furniture must be at replacement value with no more cramdown except for older items (over 2 1/2 years). Now that secured creditors will get a bigger piece of the pie, unsecured creditors will get even less. Too bad!

[bkfiler]

if i had to bet all my entire new lines of credit available (lol) i would say it cant be replacement value on your own goods.

i hope its just at least for secured items they are talking about. it makes a bit more sense that way at least.

[FoolAndHisMoney]

if i had to bet all my entire new lines of credit available (lol) i would say it cant be replacement value on your own goods.

i hope its just at least for secured items they are talking about. it makes a bit more sense that way at least.

I'm almost certain that it is only secured items. I also read in the chapter 7 trustee handbook, old law though, but this rule must still apply that for the sake of the creditors the trustee should only take a debtors property worthwhile. The usual would be cars or any other motor vehicle, homes, etc. Even a flat screen tv. These items are worthwhile to a trustee and creditors. If a debtor is like $900 over his exemption limit and the trustee wants that person to write a check for that amount a smart debtor will dump the so called non exempt property on the trustee's lap and buy new after discharge. Now the trustee will have to store this trash to sell at basement bargain prices. They can use the old red ford pickup truck that Lamont drives to deliver this stuff. They all know this and that's why I don't think it will work like this.

[bkfiler]

love that show. that was the good old days. they dont make men like sanford anymore

http://www.timvp.com/sanford.html

[FoolAndHisMoney]

love that show. that was the good old days. they dont make men like sanford anymore

Trust me if this "replacement value rule" is for real on every item then you will see many sanfords pop up next to every court. LOL

[SinkingFast]

Attnys here are telling us to use garage sale, yard sale, flea market, Goodwill, etc. for pricing. After all, where do you find a 8 year old couch?? And a 10 year old TV.

I've looked at a BK Ch 13 filing one local attny has done under the new rules on PACER. He listed bigger items, when they were purchased, the original price paid, and the current replacement value. Example:

Sofa, purchased 10 years ago for $800, current value $50.
Washing machine, purchased 5 years ago for $500, current value $100.
Framed print, received 15 years ago as a gift, current value $25.

One item listed in that BK file really stuck out to me. The people had bought a used riding lawn mower 3 or 4 years ago for $300. The attny listed it as still being worth $300. We have an old riding lawn mower that we bought new 14 years ago and one of the attnys told us to list it for $100.

I don't know if all attnys will be doing the itemizations that way or not. Other attnys we've talked to have said, "As you go around your house, jot down the big items. I don't want you to count how many plates you have or how many pairs of underwear and socks, or anything like that. But don't just say Table if it's an Oak table. I need to know it's an Oak table. Set your values based on what you see at garage/moving/yard sales, Goodwill, flea markets, places you'll find similar age and condition items."

Just saw that one attny doing it that way. I'd love to look more at PACER to see what others are doing but don't wanna run up my bill.

[bkfiler]

you may be able to go to the court and search all day for free. they are all different i think. printing costs money.

most things unless over $450 or something (maybe $600) dont have to be listed separately. ive seen many just bundled together as household furnishings.

[SinkingFast]

That was the geeky, nerdy attny we met with first that did it that way. He's the only one locally that's filed any BK's under the new law. He also said we'd have to wait out the 70/90 days to file. Others have looked at our actual charges and bills and said we can go ahead and file. There aren't any luxury purchases, or any single charges that are one huge $$ amt.

You can actually go to the Court House and look at people's petitions??

If I can do that, I most certainly will. We have a Fed Court House here, but we are an extension of another BK Court. The main Court has more "new law" filings than we do. I may have to run over to another town and look around at their court house.

[bkfiler]

call them first to make sure they have terminals for free. every court is different.