question.jpgIn Bankruptcy

How will my property be valued?

Under the old bankruptcy law, your personal possessions were valued at their current value, i.e., the amount you could get for them if you had to sell them. However, under the new bankruptcy law, your possession, including furniture, clothes and electronics, will now be assessed at a higher value, i.e., at their replacement value, taking age and condition into consideration. If your personal possessions are worth more, then you will likely have to pay a higher amount to your unsecured creditors.