Evaluation of Goods?
When I declare bankruptcy and turn over items that are not exempt, mostly jewelry, how is it valued and does their estimated value help defer the Trustee’s fee? Subsequently how are the clothing and household goods that I keep valued? Most of my furnishings are 5+ years old. Thanks
All effects and household items are valued based on what can be expected from a quick sale (i.e. auction, garage sale…). As for any non-exempt portion, this is on top of the Trustee’s fee as it is designed to provide a benefit to the creditors (i.e. a dividend will be sent out to all your proven unsecured creditors to help defray some of the losses they would have incurred).