Yorkie-Poo… Priceless

Valuing Your Favorite Pet for Bankruptcy

How much is your pet worth in bankruptcy?

How much is your pet worth in bankruptcy?

It’s always a difficult conversation when I have to tell someone that they have to value a pet for their bankruptcy filing. We have an obligation to list all assets, and when it comes down to it, the Yorkie-Poo or hamster is an asset. Even harder to deal with, we have to place a value on it. “Priceless” is the best answer a client ever gave me regarding the value of a dog, and I know that your dog is irreplaceable and invaluable to you, but if we had to sell it (and we won’t), the value is probably pretty low. Brand spanking new pure bred puppies go for thousands of dollars, but after that, there really isn’t much of a market for those guys. Imagine you couldn’t keep your dog anymore, would you be able to sell it to someone? Probably not, you’d probably have to pay someone to take it or put your name on a waiting list for a shelter to take it. The shelter could maybe get a nominal donation from a someone who wanted a rescue dog.

So when it comes to valuing your favorite pet, (1) don’t worry, we’re not selling it, and (2) the value can be great for you, but still be very low for the bankruptcy court.

Find out more about bankruptcy here.

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About ConnerLawOffices

Conner Law Offices provides client-centered legal services. Client-centered legal service recognizes the client as an individual with unique values, needs and desires, and it empowers the client to participate in the legal representation. Client-centered legal service is provided through consistent and open communication as well as dedicated and diligent work. This requires spending time listening to the client so as to appreciate the client as an individual. It requires educating the client about the law, brainstorming with the client to create personalized solutions to the client’s legal issues, and vigilant advocacy in implementing that solution. Success is measured through client satisfaction with the quality of personal service provided. When the client is happy with the work as it proceeded, regardless of the outcome, success is achieved.

2 thoughts on “Yorkie-Poo… Priceless

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  2. Pingback: Listing Pets As Assets in Bankruptcy Cases - Andrews, Bongar, Gormley & Clagett. Attorneys in Waldorf, MD & Lexington Park, MD