How to Determine the Fair Market Value of Your Real and Personal Property

You may be asked to provide proof about the value of your property.  Here are some suggestions about how to value your home and your personal property:

• real estate - ask a local real estate agent to give you a written “drive by” appraisal that includes a printout of comparable home sales in the neighborhood.  If your house needs repairs, have a handyman given you a written proposal and make sure that your real estate agent is aware of these needed repairs.
   
• cars and trucks - take your vehicles to Car Max and ask for a written valuation
   
• electronics and household goods - make a list of your household goods and go to eBay to look for equivalent items. Make note of the value for each item of household goods
   
• jewelry - take your jewelry to a jeweler or perhaps an Atlanta pawnshop or jewelry buyer who buys used watches and rings and ask for a written “quick sale appraisal.”

How to Determine if Your Property is Exempt
and Therefore Protected

Unless you have unusually valuable property, there is a good chance that most of your property will be exempt.  Understanding the Georgia exemption rules and how they apply to your bankruptcy case is perhaps the most confusing part of bankruptcy, especially for bankruptcy filers who try to represent themselves.  Exemptions are not automatic - you have to claim them on Schedule C of your petition.  You can learn more about the Georgia bankruptcy exemption rules by clicking on the link.

There are also special rules that apply to settlement proceeds from a car accident case or the settlement of a Georgia workers’ comp case while you are involved in a Chapter 7 bankruptcy.  You can read more about these special rules by following the highlighted link.

Recently, we have seen more instances where our clients have pledged jewelry, tools or automobiles at pawn shops. Bankruptcy can modify pawn shop transactions, but only under certain circumstances.  Click on the link to learn more about pawn shop loans in Atlanta and bankruptcy in the Northern District of Georgia..

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