If you need to file for bankruptcy, first and foremost, you will need to value your personal property. Filling out all the bankruptcy forms involves cataloging your personal property and assets. It will include high-priced assets like jewelry, cars, furniture, and homes. The values of all of these items will be filled on your bankruptcy forms which will be treated as the assets that could be sold to creditors for debt relief.
The typical way to appraise property and assets while filing bankruptcy is the retail replacement value of items. This value can be confusing as it doesn’t imply to the new value of an item that you own at home. Normally, the retail replacement value is the value of an item which is based on its condition and age. It implies that your new television set which you bought for $600 could be valued at around $300 today in a bankruptcy claim.
During a bankruptcy claim, there are many ways to appraise property and major assets. The best way to do so is with the help of a bankruptcy attorney. In several cases, you contact a local antique shop, a local real estate agent, or a car dealership to get an appraisal on your home, furniture, or your car. Inspection of publications and online classifieds for comparable items can also help in appraising values on items that are reasonable for your locale and also to compare the age of those items.
Specialty items including furs, jewelry, and collectible antiques require some type of reputable appraisal for bankruptcy. When you receive any type of professional appraisal ensure that you are receiving the present sale value of the item. Consider visiting a reputable dealer rather than a consignment store to avoid getting undervalued prices on many of the items. In case of any item on your list appearing inflated or inaccurate, you can get a reappraisal.