Topic by Hex

  • Hex
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a furniture store credit account 18 months ago. Our attorney said we can ask to do a redemption; thus paying the furniture store/creditor the ''fair market value'' of the furniture so that we can keep it.How is the value determined?l mean, we could go in saying one thing, and the creditor another. Is there an online resource for this or something to give me an idea?

  Reply by hehe

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How would one determine the fair market value of furniture for a bankruptcy redemption? It was purchased on?

I would depreciate the furniture value on a 5-year
basis, meaning if the furniture cost $5,000 all
together, I would depreciate the furniture at
$1,000 a year.

Since you've had the furniture a year & a half,
that would mean it is current value (using my
example) would be $3,500.

Since I do not know the original value of ur
furniture, I can not give u a real number to work
with, but I would take the total value, divide it by 5
and then subtract one & a half years of
depreciation from the original value to come up
with a current value.

You could bounce this idea off of the furniture
store manager & see how it goes.

If the manager wo not accept this method, call an
appraiser.