September 6th, 2005 by Questions
How do you value you possessions? Do you provide the trustee with a list of your possessions and they attach a value to it? Is it based on the purchase price of the asset? How is this done?
September 06, 2005 at 2:41 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:
The valuation is done on a liquidation basis (i.e. what you would receive for it at an auction or garage sale). Our practice is to allow the individual to provide us with a list of assets and their estimated values and upon our examination if we perceive that the values are inaccurate we will require an appraisal to be done. While this is our practice and one that I believe is widely followed, each office has their own internal valuation systems so I recommend that you contact a trustee in your area to see if there are any local differences.
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