When you list your assets you will assign the asset a value. For homes and real estate, the valuation may come from, online estimates (Zillow, Realtor.com, etc.), property tax value, CMAs or even appraisals. Most attorneys will want some sort of hard number (coming from a source) to use for a valuation on a home or real estate. Keep in mind, sometimes, property tax value is a pretty low valuation on real estate.
For vehicle valuations, your attorney may look at online resources (KBB, NADA, etc.) and use your opinion on value, if you feel strongly about the value of the vehicle. For example, if KBB says $15,000, but you know it would not sell for that much, due to the amount of work needed on it or issues the vehicle has, you could look at lowering the value. Sometimes, you may want to get a professional valuation, for example, from a mechanic or lender. This may be necessary if the value cannot be determined, for example, the vehicle has a lot wrong with it or it is a collector vehicle.
For other assets you will value, you will give values to your attorney while you go through your case. You would not look at what would I spend to replace this item, but instead, what would I get for it in its current condition.
If you have questions about bankruptcy and would like to do a free consultation to go over your options, visit www.lifebacklaw.com to speak with an attorney. You will be glad you did!