Sports Memorabilia and Bankruptcy
Will I Lose My Collection?
We all know people who own thousands of well organized baseball cards or hundreds of Star Wars action figures. We have seen entire houses decorated with sports memorabilia items. Are these collections worth too much money that the bankruptcy trustee is going to sell them in a chapter 7 bankruptcy filing?
The key factor to whether you can keep these items in bankruptcy is not the extent of the collection, the condition of the collection or the type of collection. The key factor is the aggregate value.
During a bankruptcy case, you are required to total up the value of all of your assets. Your assets include the aforementioned collections. Bankruptcy law requires you to total up the aggregate value of your sports memorabilia.
The total value of your memorabilia will most likely be listed under Section 8 of your property listing. This section is entitled “collectibles.” You will be required to use a reasonable method for reaching an accurate value of these items. Rough estimates and personal knowledge may be a good place to start. A professional estimator or appraiser may also be required to reach an accurate value.