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How Do You Value Tools of Trade Please Help, This is Long

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  • 04-14-2011, 03:43 PM
    INTHEDARK
    How Do You Value Tools of Trade Please Help, This is Long
    My question involves bankruptcy in the state of: AZ

    I am new here but in need of help. Filed chapter 7 and need to get more info to trustee asap. I have a s-corp, nothing fancy, mobile repair with no assets. I use my own vehicle to get to the jobs and my own tools. I make just enough to provide for my family every month. I do not want to loose my business, this is all I know how to do and I enjoy it. I am having a really hard time placing a value on my tools. Is there somewhere I can go to have them appraised? I just want to make sure the value is correct. I am willing to pay the difference if they are over the exemption here. Without them, I won't be able to work. Please help me.
  • 04-14-2011, 08:11 PM
    despritfreya
    Re: How Do You Value Tools of Trade Please Help, This is Long
    1. Are these Snap On Tools or Mac? If so, do you owe $$? If yes, did you list SOT or Mac on Schedule D? If yes, you probably owe more than what they are worth therefore the Trustee would have no interest in them but you still need to pay for them.

    2. If 1 above does not apply, and since you state you own the tools (not the corp) and you use them for work, did you take a tools of trade ($2,500) exemption? If no, you need to amend Schedule C and take the exemption.

    3. As to your specific question: Value is based upon "liquidation/auction/garage sale" value, not what it would cost to replace them. What could you get for them if you sold them, say, on Craig's list?

    Hope this helps.

    Des.
  • 04-14-2011, 08:50 PM
    INTHEDARK
    Re: How Do You Value Tools of Trade Please Help, This is Long
    Thank you so much. Some are Snap on tools, not many but I owe no money on them. I do not have line of credit with them. Just pay in full as I buy them. Most are Craftsman tools of a wide variety, some others with no name brands (my wife calls them junk tools). I did take the tools of trade exemption. I am very thankful for your advice, I will list them at garage sale value. I think they are worth a lot, my wife thinks different. I guess it is hard because I know what I paid for them, I have just never really had to sit down and think about selling them. I do not want to make any mistakes in value. Again, thank you so much.
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