Bankruptcy Chapter 7 Property Valuation
When filing for Chapter 7 Bankruptcy one of the more difficult tasks for a client is to inventory and value the property which is listed on the schedules and submitted to the Bankruptcy Court. Valuing common household items is not as daunting a task as it seems. General household items are valued at liquidation values or the prices normally found at a garage sale. Personal property with true intrinsic value (i.e. antiques, jewelry, collectables, etc…) should be appraised. It is very important to be honest and fully disclose the value of your property. Bankruptcy Fraud is no laughing matter and is very serious. If you have any questions and have not already retained an attorney, please give my office a call and we will be more than glad to schedule a free consultation.