Value of Furniture

May 3rd, 2007 by Questions

I have filed for bankruptcy in Alberta and need to negotiate a settlement with a Finance company. They are a secured creditor against my household furniture. Originally I told them it was worth $7500 when borrowing the money, however I have since learned that you need to base it on \”garage sale\” value. I have therefore inadvertently over-valued the furniture and would like to be able to find a more realistic $$$ value of the household furnishings. Can you suggest a website or way of doing that. This is in order to negotiate some kind of payment plan so that they can recover some of the money they lost. I don\’t want to push their hand and suggest they come and get the furnishings because where would that leave me then.

Thanks for any and all info provided.


One Response to “Value of Furniture”

, Barton Goth GCO Bankruptcy Trustees said:

All I can suggest is that you get in touch with the finance company directly. There isn’t going to be any secret to the process, you will have to explain why you are making the offer, why you think the offer will be better for the finance company and prepare yourself that if you are not able to negotiate reasonable middle ground the furniture may be seized.

However, keep in mind that the finance company doesn’t want your furniture, they want your money so if they try to bluff you may need to call their bluff.

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