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Valuations Of Property

Valuations Of Property

Generally, we will use the “replacement value” for personal property. How much does it cost to replace the exact same item, in the exact same (used) condition?

Most of the time, we will determine this by interview.

For high end jewelry or collectables, an appraisal is sometimes necessary.

For vehicle values, we will almost always use the Kelly Bluebook Private Party value.

VALUING REAL ESTATE
  • Given the significant market increases in Greenville SC and the surrounding area. The safest valuation for you when you answer the hearing question “What is the fair market value of your home“, is the list price that a realtor in your area will give you within 45 days of your filing date.
VALUING VEHICLES IN CHAPTER 13
  • Generally, we will use the “replacement value” for personal property. How much does it cost to replace the exact same item, in the exact same (used) condition?
  • Most of the time, we will determine this by interview.
  • For high end jewelry or collectables, an appraisal is sometimes necessary.
  • For vehicle values, we will almost always use the Kelly Bluebook Private Party value.
  • Vehicles with loans older than three years may be valued down in Chapter 13 for the purpose of reducing payments.
    • “Retail value (dealer price) in current condition.”
    • This will likely require an appraisal.
    • A hearing may be required if the vehicle creditor objects to your valuation.
CASE LAW ON VEHICLE VALUATIONS

InReBrown

Debtor failed to present evidence of retail value to overcome creditor’s objection.

InReOrtiz

Court weighs evidence of retail value in current condition presented by both Debtor’s and Creditor’s expert witnesses.

VALUING MOBILE HOMES IN CHAPTER 13
  • A lien on a mobile home may be valued down to the actual value of the mobile home if it is not affixed so as to make if real property.
  • Some mobile homes may be valued. An NADA appraisal is required.
CASE LAW ON MOBILE HOMES

InReMcLain

A mobile home lien may be valued down if it is not real-property.

InReFord

There are four factors to determine whether a mobile home is real property.

InreMagee

Intent is a primary factor.

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