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Evaluating Household Furnishings

If I file bankruptcy, how will my household contents be evaluated for exemption? I own a lot of furnishings that have been passed down from my parents and even some from my grandparents. I have refurbished them and use them, but don’t think they’re considered antiques. I read somewhere that assessing them at what they would bring at a yard sale would be sufficient. Is this true?

One Response to “Evaluating Household Furnishings”

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A licensed trustee said...

Yes, it is the liquidation value that matters, so generally garage sale values are sufficient. A family heirloom to you may not be worth much to someone else, and that is the value that matters. Your trustee will explain in more detail what proof of value may be required in your situation.