The bankruptcy court also needs to know the value of your property. In most cases, the value of property decreases with age and use. For example, a household appliance such as a stove or refrigerator will only be worth a fraction of its retail price. Other property, like paintings or collectibles, can actually increase in value over time.
Valuation can be difficult and time-consuming.
You can find the value of stocks and other investments by consulting the Wall Street Journal or calling a stockbroker. You can find the value of your house by consulting a real estate agent or using the county's tax value, although in some places the value used for real estate taxes may differ quite a bit from the property's true value. There are car valuation guides, such as Kelly's Blue Book. If you can't find one at the newsstand or library, ask a loan officer at your bank or your car insurance agent if you can look at theirs. If you own potentially valuable jewelry, antiques or artwork, you will probably need an appraisal to back up your valuation.