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You do not need to itemize to that degree. In fact, most attorneys simply list, Household goods and furnishing, and state an amount equal to the exemption.
You do not need to itemize to that degree. In fact, most attorneys simply list, Household goods and furnishing, and state an amount equal to the exemption.
I would be leary at listing that size of a collection. It would be listed as a collection. Seeing the amount of them. I think our attorney said to list them under electronics. Not sure on a value. about $1. Bu then you have $700 worth. Not good unless you have enough exemptions.
Oh you list the value that you would sell them for. Not replace.
FILED CH7: 03/20/09 341: May 11th, 2009 DISCHARGED: July 13th, 2009
Thanks for responding,
just want to be cautious.
The new Oct 05 BR laws prescribe using replacement value at retail used goods prices for things like CD's, not cash value I could get, which would be much less.
OK guys, I'll take your advice, just don't want to raise any red flags.
What's your valuation advice re: auto (will Carmax appraisal be acceptable to trustee? NADA & KBB are much higher) used power tools, used car stereos, 19 year old stereo equipment that cost me $2.5 k in 1989. In FL I get 4k wildcard that I can use in lieu of FL's very generous homestead exemption since I own no real estate, 1k personal prop, and 1k vehicle. looks like I'll get to keep all my property. No other assets to speak other other than routine (household goods, clothes, books, etc.)
OK guys, I'll take your advice, just don't want to raise any red flags.
What's your valuation advice re: auto (will Carmax appraisal be acceptable to trustee? NADA & KBB are much higher) used power tools, used car stereos, 19 year old stereo equipment that cost me $2.5 k in 1989. In FL I get 4k wildcard that I can use in lieu of FL's very generous homestead exemption since I own no real estate, 1k personal prop, and 1k vehicle. looks like I'll get to keep all my property. No other assets to speak other other than routine (household goods, clothes, books, etc.)
For household goods, the value you assign is "garage sale" value, i.e. if you HAD to sell it by next weekend, what could you realistically get for the item. Old stereo equipement (unless we are talking vintage vacum tube equipment), you are pobably looking at $100. For cars, a good indicator is KBB private party sale in Fair Condition, (unless the car has serious problems, then you can use a lesser price).
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