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Valuing
Property in Oklahoma
Chapter
7 Bankruptcy
How
is my property valued for purposes of the bankruptcy?
When
you value property for purposes of Chapter 7, you should use a garage
sale value as opposed to replacement value. It is not necessary to know
how much you paid for it when it was new, the rule-of-thumb is to value
it at current value if you were to sell it today from your garage. The
question to ask yourself is, "what would a reasonable person pay
for the property in the condition that it is in today"?
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