Valuing Assets in Bankruptcy in Minneapolis, Minnesota

When a bankruptcy case is filed, you list all of your assets, whether you have them now or are just entitled to them at the time of filing. You will list assets from real estate you own, all the way to potential claims or causes of actions and everything in between. It is important when you file bankruptcy that your assets are valued properly. You do not want to under value the assets you have, but you also do not want to over value them. 

If there are online resources you can use to value your assets, you can take a look at those for help in valuing. For example, with real estate your attorney may look at the property tax value, but also online valuations. With vehicles, there is Kelly Blue Book, NADA and so forth. Now, it is okay to use online valuations, if they are accurate.  But, let’s say you have a vehicle with low miles and newer, but has serious mechanical issues that will cost a fortune. Kelly Blue Book can give you an estimate, but Kelly Blue Book doesn’t know the exact condition of your specific vehicle. Therefore, even if you start with an online valuation, if you do not think it is accurate, you can always adjust. You know your assets the best. 

Sometimes, you may need to have a professional provide you a valuation of your assets. For example, let’s say Zillow comes in way too high and the property tax is way too low. Then, depending on exemptions and if your attorney sees a need for another valuation, you may want to explore getting a comparative market analysis done. A professional in the field will be able to tell you a more concrete value. 

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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!