Valuing Personal Property in Bankruptcy

Bankruptcy Attorney

Dayton, OH bankruptcy lawyers are commonly asked how to properly value personal property when filling out a protection for bankruptcy protection in Ohio. While finding an appropriate and legal value for some property may be straightforward, it may be difficult for other types. Measuring the value correctly is a crucial factor in having your bankruptcy case confirmed and having your debt obligations legally eliminated. Here are some basic guidelines on how to find a value and complete your Ohio bankruptcy filing.

Schedule A/B

For individual debtors seeking Chapter 7 or Chapter 13 bankruptcy in Ohio, a number of official bankruptcy forms must be filed with the US Bankruptcy Court in the appropriate bankruptcy jurisdiction in Ohio. The schedule A/B is the first form which must be completed and lists all your assets and property. This is the first roadblock form my bankruptcy filers as you must describe and assign a value to all your property including household goods and furnishings, electronics, collectibles, sports equipment, firearms, clothes, jewelry, and even non-farm animals.

Finding Personal Property Value

Finding Personal property value when filling out a Schedule A/B: Property form will require you to find and apply the property’s “current” or “fair market” value. The fair market value or FMV is the price that a piece of property would see for on the open market if it were sold today. For items such as automobiles, the current value is easier to obtain by looking up value in the Kelly Blue Book or researching comparable automobiles. With household goods, visiting thrift stores, garage sales, or online at eBay can often give you the fair market value of common household goods in bankruptcy. IF you have older, unique personal property such as jewelry, collectibles, or antiques it may be necessary for you to have an appraiser give you the current sale value.

Obtaining Help from a Dayton, OH Bankruptcy Lawyer

Filling out your bankruptcy petition sets the pace for your entire case. Appropriately evaluating the current value for your property can either help make your bankruptcy discharge go smoothly or impede your ability to successfully have your bankruptcy confirmed. Bankruptcy firms in Dayton Ohio are awaiting your questions and concerns about valuing your personal property in an Ohio Bankruptcy.

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