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Selling your stuff during a bankruptcy

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Selling your belongings during a bankruptcy can be difficult to do, but it is critical to get as much money as possible in order to pay back any outstanding debts that were not completely cleared during the first part of the bankruptcy process. Which items you have to sell are typically determined by the bankruptcy court, who uses the guidelines set up by your state of residence. Until you actually have the court order telling you to sell your items, do not sell them. In some states, some items are exempt from being sold during a bankruptcy.

Start by selling things to friends and family members who are aware of your situation. In many cases, selling to people you know will get you the highest possible price for the items, since these are people are often less willing to negotiate and they know you are telling them the truth about the condition of the item. Of course, be sure to keep written proof of how much the items were appraised for and how they sold for.

Next, offer your items though internet sites such as craigslist and facebook. Start by asking for about ten percent over the appraised value of the item. This will give you plenty of room to negotiate with the buyer, yet still get the actual value of the item. In the ad, make sure to list any special features, and really highlight the fact that the item is in good condition. Depending on how comfortable you are with the idea, state that the item is being sold as the result of a court-ordered liquidation. Many people will believe they are getting a good deal just because of this phrase.
Set up viewing for each item separately so that you have enough time to negotiate with each buyer. If there is a lot of interest in a particular item, do not sell it below its market value. Someone will be willing to pay for the item if you can be patient.

Finally, consider commissioning an auction house to sell the item for you. While these places typically charge a ten to twenty percent commission to sell an item, they are also experts at finding the right buyers for items that are rare or expensive.



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