Valuing assets in bankruptcy in Minneapolis, Minnesota

When you file a bankruptcy, you list your assets, regardless of whether you own them or just have the right to them. You will list all of your assets, from the real estate that you own to potential claims and causes of action. When you file for bankruptcy, it is important that your assets be valued correctly. You don’t want to undervalue your assets, but you don’t want to overvalue them either. You can check online resources to help you value your assets. If you are valuing real estate, your attorney will look at both the property tax value and online valuations. Kelly Blue Book, NADA, etc. are all available for vehicles. It is fine to use online values, as long as they are accurate. Let’s say that you have a car with low mileage and a newer model, but it has serious mechanical problems. This vehicle will cost you a fortune. Kelly Blue Book is able to give you an estimate but does not know the exact condition your vehicle. If you don’t think the online valuation is accurate, then you can adjust it. You are the one who knows your assets best.

Sometimes you may need a professional to provide you with a valuation of assets. Let’s say Zillow is way too high, and the property tax way too low. You may then want to consider a comparative analysis, depending on the exemptions or if your lawyer feels that another valuation is needed. A professional will be able tell you a concrete value.

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