Valuing Your Favorite Pet for 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.
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