How do I determine the FMV of an asset to prove insolvency?

Asked over 1 year ago - Cascade, IA

Does the item need to be owned outright (no liens) to be declared an asset?

Attorney answers (4)

  1. Ray Choudhry

    Contributor Level 14

    1

    Lawyer agrees

    Answered . Everything you own or are entitled to is an asset.
    A $10,000 car with a $5,000 loan against it is a $5,000 asset.
    The FMV can be determined by an appraisal or blue book.
    For a car, sometimes the best thing to do is to have a dealer tell you what they will pay you for it.

  2. Gary D. Bollinger

    Contributor Level 19

    1

    Lawyer agrees

    Answered . You wrote, "How do I determine the FMV of an asset...?"
    A: Vehicles and real property can often be researched online (KBB or the local Assessor website, for example).
    Asset valuation of other items may require a professional appraisal.

  3. Dwayne M Farnsworth

    Contributor Level 14

    1

    Lawyer agrees

    Answered . IF you have legal title or and equitable interest in real estate or personal property, it is an asset regardless of any financial equity, and it must be listed in your bankruptcy.

    Valuation? you can look on zillow.com for real estate, Kelly Blue Book or NADA for vehicles, and Craigslist or Ebay for almost anything else. Remember that you, as the owner, probably have a reasonably good idea of the value of your property. Be careful to not overvalue the asset. We tend to do that when it belongs to us. Good Luck!

  4. Diane L Gruber

    Pro

    Contributor Level 18

    Answered . No.

    Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662.... more

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