In bankruptcy, Oregon and Washington debtors are required to list all their assets and give a corresponding estimated value of his or her property. This is an easy task when the asset has an easily fixed cash value, like a stock, owed wages, or cash money. Household and personal items, vehicles, and even real estate are often more challenging.
Most Oregon bankruptcy lawyers advise their clients to value household and personal items at garage sale or Craig’s List prices. The reason for this is that if the asset were sold through the bankruptcy process, it would be sold at a liquidation price, usually at auction. A Garage sale more or less approximates this value. The idea is what would the property sell for if it were dumped on the open market without any