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How are my assets evaluated

How are my assets evaluated? I have a bedroom set I paid $800 in 1979 – how will they set a value to it? Is there some way to figure out how they assess values?

Posted from: Saskatchewan

One Response to “How are my assets evaluated”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

In terms of valuating assets like those you have listed, basically you estimate what you think you would get if you sold them at a garage sale or an auction, this is the amount that is represented to the creditors and if they disagree with this evaluation it may be necessary to look into appraisals or something of that nature. But as long as you are reasonable in the figures you estimate most creditors aren’t going to be concerned as they recognize that household items really don’t retain much in the way of value.