After figuring out which set of exemption laws apply, you need to calculate how much your property is worth. This calculation must be based not on the cost of replacing your stuff with new items but rather on what it would cost to obtain similar things in used condition. Some things such as an ongoing business or a lawsuit from which you can recover money are extremely difficult to value. Your bankruptcy attorney Citrus Heights should be able to help you in those cases. The value of household goods is what a secondhand store would charge or the asking price for similar goods offered for sale in newspaper classified ads.
To check out how much your automobile is worth, you can check all three auto price guides—the Black Book, Kelley Blue Book, and NADA Guide. Another way to assess the value of your car is to check classified ads in your local newspaper for similar models for sale. Valuing real property depends on where you live. A good starting point is finding out the figure used by your local tax assessor—commonly known as the assessed value. But in some venues, assessed values are ridiculously inaccurate. If you only recently purchased the property, a better indication is the price that you paid. Appraisals are great for determining value, but they tend to be high because many lenders encourage appraisers to inflate values to justify making a loan. The same is true of listing prices. Some real estate agents overstate the value of your property to attract your business. You usually can place a dollar amount on your pensions and life insurance policies by calling the company.
If you are having financial hardship and are considering filling for bankruptcy, please call bankruptcy attorney Citrus Heights at our office at (916) 971-8880 for a FREE confidential bankruptcy consultation.
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“We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”
Law Office of Robert W. Fong
Robert W. Fong
6825 Fair Oaks, Blvd., Suite 101
Carmichael, CA 95608
TEL: (916) 971-8880
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