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William A. Krajec
Attorney at Law
837 South 4th
Springfield, IL 62703-2220
Telephone: (217) 525-2252
(800) 933-6690
Fax: (217) 525-2268
E-mail: info@billkrajec.com

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Bankruptcy FAQs

How to Place a Value on Your Property

When I ask you to give us your opinion of the value of your furniture, your home or your car, congress requires the use of replacement value not what you can sell it for.

Autos have to be valued at retail in NADA.  Real estate needs a recent appraisal or assessment, furniture and appliances are a problem since there is a very limited market for used items.  I have found that 10% of purchase price works.  Time share condos and most business assets are especially difficult to value.