Ohio Bankruptcy Exemptions
Value Appraisals pursuant to the Ohio bankruptcy exemption rule
Several different appraisal methods combine to establish actual value in the eyes of a trustee when reviewing Ohio bankruptcy exemption claim forms. Creditors tend to promote the highest appraised value justified, while debtors tend to undervalue their r personal assets, hoping to keep a greater portion under the set value amount provided by statute. Trustees however generally consider liquidation costs, which are quite different in the \federal administrative process. For instance, trustees charge attorney rates by the hour for time, and subject to strict seizure, appraisal, storage, accounting, reporting, and distribution costs for the benefit of creditors. These added expenses reduce net proceeds to such an extent that many household items are odd little interest.
How to appraise value of personal household property
Debtors should consider the resale value of used personal belongs to be similar to a garage sale. Professional sellers may generate significantly more cash, yet in liquidation, through public auction, used personal items have little real cash value. For this reason, despite sever limitations on value provided by statute, most Ohio residents have little difficulty exempting all personal household property under the Ohio bankruptcy exemption statute.