How Do I Value My Personal Property?

During the preparation of your bankruptcy petition, you will be required to value your personal property, including clothing, household goods, hobby equipment, books, computer equipment, among other personal property. The custom in valuing your personal property is to use garage sale value or pawn shop value.

The custom for valuing your clothing is garage sale value. For example, if you put all of your clothing outside on a Saturday morning, how much would you get for all of it during a garage sale? That is the value you use on Schedule B of your bankruptcy petition.

The custom for valuing your jewelry is pawn shop value. For example, if you take all of your jewelry to the local pawn shop, how much cash will you walk out of the store with? That is the value you use on Schedule B of your bankruptcy petition.

Once the value of the property is disclosed, we will use the allowable exemptions under Georgia law to protect as much of the property as possible. In most situations, your clothing, household goods, hobby equipment, books, computer equipment, among other personal property will be exempt, or protected from court liquidation.

Van Wieren Law Firm, LLC - Atlanta Bankruptcy
www.metroatlantabankruptcy.com
P: (404) 680-7010