How do I value the assets I claim as exempt?

Your Trustee will help you determine the value of your assets and the level of work that you have to do to come up with the value depending on the nature of the assets and their value.

For your household items generally a summary of your household assets and “estimated garage sale values” would be sufficient as the Trustee would only be interested in assets that would have significant value at say an auction, on-line “used” sites. Unless the Trustee feels that you have significant value in your home furnishings, a simple statement of the current sale value (not replacement value) of your home furnishings would suffice. For assets of greater value like vehicles, houses etc. as Trustee we generally require some other 3rd party verifiable evidence such as Black Book Value, property tax values or real estate appraisals. The Trustee’s job is to ensure that the values put forth by you as to the value of your assets and thus in turn any interest the Trustee on behalf of your creditors may have on those assets, needs to be reasonable and verifiable

What information do I need to have in order to file either a Bankruptcy or a Proposal?

In order to either file a bankruptcy or a Proposal you must provide a picture of your personal situation for your creditors and your Trustee. There are legal forms that must be filled out, signed and sworn with the assistance of you Trustee that lists your assets, liabilities, some basic personal information such as the number of people in your household and if you have ever been bankrupt or filed a Proposal before. As well a Statement of an average monthly family budget that outlines your projected average monthly income and expenses on a go-forward basis. This would allow the creditors, the Court, and the Office of the Superintendent of Bankruptcy to have a snapshot of your personal situation as well as an estimate of any money (dividend) that is expected to be available for your creditors at the end of the process.

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