Originally published by Nicole Vinson.
Have you ever tried to determine the value of everything you own? It is not an easy task, and as time goes on you accumulate more personal property items, the task gets even more difficult. Valuation is a critical part of an insurance claim, and a recent court ruling considered an insureds unrelated bankruptcy in an insurance claim for a fire loss and the coverage was voided because of the differences in values claimed in each case.1
When you submit a filing in a federal bankruptcy court, you are required to tell the truth about your assets and your debits under penalties of perjury. But when it comes to valuing your personal property, what is the valuation equation you use to give a value to your clothing and household goods?
The bankruptcy filing forms require those seeking bankruptcy to list the categories of items and give values. In this case, Dale and Kim Neidenbach explained that in the bankruptcy, they were told to give garage sale values for their personal property items as…
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Curated by Texas Bar Today. Follow us on Twitter @texasbartoday.
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