How are my assets valued in bankruptcy in Minneapolis, Minnesota?
When you file for bankruptcy, you must list all your assets. This includes assets that you have now or will have in the future. (Think inheritances or claims to compensation). When you list your assets, you will assign each asset a value. Online estimates (Zillow.com, Realtor.com etc.) can be used to value homes and real estate. Property tax value, CMAs, or appraisals can be used to determine the value of a home or real estate. Most attorneys will use a hard number (from a source) for a real estate or home valuation. Remember that property tax value can be a low valuation of real estate. Your attorney may consult online resources for vehicle valuations (KBB, NADA etc.). If you strongly believe in the value of the car, use your own opinion. If KBB values the vehicle at $15,000 but you know that it will not sell for this amount due to the work required or the issues with the vehicle, you may want to lower the value. You may need a professional appraisal, such as from a lender or mechanic. It may be necessary to get a professional valuation if you cannot determine the value, for example if your vehicle is in poor condition or a collector car.
You will provide values to your attorney for other assets while you are going through your case. You would not consider what it would cost to replace the item, but rather what I could get for it if I sold it in its present condition.
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