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how personal property value calculated

I buy my furniture, computer few years ago lot less value of same kind quality of furniture computer today and have bought designer clothing few years ago some many years ago lot less value of same kind today- tv , music system, fax machine, books, kitchen ware in which category comes in how their value calculated in case of bankruptcy do the creditor actually will come personally into my rented apartment and check furniture, clothing and other stuff to estimate value?

What will happen to my bank locker i use to put valuable documents degrees certificates creditors will take control over my bank locker i have in canada any where?

Posted from: Ontario

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One Response to “how personal property value calculated”

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

In terms of the vaulation of your personal and household items, you provide an estimate of what you think these items are worth should they be sold at a garage sale or auction. You will discuss these figures with your trusteeso they can weigh in as to whether or not they thing this is realistic, and then it is presented to your creditors.

Normally this is where it stops, very rarely does a creditor have an issue, as long as your numbers seem realistic there is no need to go any further. However, should the creditors take exception then it could be necessary to get a full blown appraisal of the items in question.

As of the safety deposit box. You wil have to disclose the full contents of your locker to your trustee . As long as there are no non-exempt assets that must be addresed, then you can retain full control of this box.