Bankruptcy: The Intake Packet
A San Jose bankruptcy lawyer provides advice and applauds the thorough bankruptcy filer...
Recently in our San Jose bankruptcy firm, we had a current client say this to our bankruptcy specialist: “We are in the process of completing our bankruptcy intake packet, specifically we are listing our assets and had questions. I have no problem listing computer, tvs, electronics, but we were wondering how you could list furniture (much of which has been passed down for generations - of value only to us). We have no furniture purchased later than 5 years ago, and that was used and off of ebay. How do you estimate value of furniture piece by piece aged over 50 years? Also, we have numerous musical instruments and have absolutely no idea of their value.”
When the bankruptcy specialist ask for my input, I said this: When you are completing your bankruptcy petition, I recommend using garage sale values. Generally when you are listing old furniture, unless they are valuable antiques, what you believe you would pay for them if you were at a garage sale. While that couch or chair may have sentimental value as the chair where you and your siblings would watch tv, it could be that no one in their right mind would pay for the chair. As for any sorts of instruments you may have, depending on the condition, you may be able to see what comparable instruments are being sold for on websites such as craigslist or ebay.
Good job on being thorough!
If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!
