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Valuing
Property in Oklahoma BK Attorneys and lawyers for bankruptcy in Oklahoma
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"? For more
information regarding Bankruptcy in Green Country Oklahoma call the
Oklahoma bankruptcy help line at Kania Law
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