Garage Sale Value of Personal Property in a St. Louis Bankruptcy
When you are asked to assign a value to your personal property in a Missouri bankruptcy, the court allows you to use a number that approximates what the property would sell for in a garage sale. Quite often, the garage sale value of any particular item is low. This is fortunate, because there are only a limited number of exemptions available to protect your belonging.
When calculating the garage sale value of your personal property, several things should be kept in mind. Garage sale value does not take into consideration what you originally paid to purchase the property, or what you think you the property would have sold for in its prime condition, or even how useful you believe the item has been to you. The garage sale value of your property is also not determined by the sentimental value you attached to it. If the item in question has been in your family for generations, it may be invaluable to you. But that fact does not mean that it would necessarily go for very much in a garage sale.
In the end, figuring out the value of your personal property is fairly straightforward. But questions often arise when someone owns very specific or unique pieces of property (such as jewelry, antiques, or large pieces of equipment). In such a scenario, it is very important to have an experienced attorney who can help you make such determinations. The St. Louis bankruptcy lawyers at The Bankruptcy Company have spent many years assisting individuals with the valuation process. Our staff is prepared to aid in any way it can, and help guide you towards the fresh start / clean slate that you deserve.