Figuring value amount for Valentino and his cage

[noblemacaw]

I know there are some very experienced parrot people on this form and I would like to involve your help please.

My lawyer is in process of getting all the paperwork and documents ready for the bankruptcy and in the process of figuring out my "assets" (which I don't have any anymore) I asked him if I had to consider my RFM Valentino and his Kings 406 Stainless Steel cage as an asset.

He came back with wanting a value on the parrot and his cage to protect them.

I dont' know how to answer that because I know to "sell" parrot and cage I would not get what I originally paid for them

The kings cage was bought in 2002. I got Valentino in Dec 2012.

Can anyone help me with a fair market value on my beloved Valentino and his home?

I really appreciate this as appalling as this is to have to ask the form members.

[Grey]

For the cage, figure 1/3 of what you paid for it tops, depending on condition. A 2 year old RFM will probably sell for less than a handfed baby, but more than a breeder. Retail in a pet store is between $1400 and $1800. Breeders are listing as low as $500. I would value him at $800-$900 if in perfect feather and well trained and socialized (which he is, of course). Unfortunately, legally they are valued as property and there is no valuation for emotional or sentimental value.

[Honesty]

I can't help you with this one Rebecca as obviously prices differ so much in the UK to what you would pay in the USA.

I think George has pretty much summed it up for you though

[PlaxMacaws]

Placing the lowest possible value on both Valentino and his cage may be the best thing to do. When it comes to bankruptcy, the higher the assessed value of an asset, the more likely an order to forfeit the asset for liquidation may be . I don't know what a bankruptcy court is likely to do when it comes to a cherished and valuable pet, though. It could simply be a matter in which all possessions need to be claimed as accurately as possible. But I would still assess low if I were you, Rebecca.

[PlaxMacaws]

Rebecca- I think there's no risk of losing Valentino to the bankruptcy process. If you research pets as assets in bankruptcy proceedings you'll find plenty of reassuring information from attorneys. For example:

In a bankruptcy filing, we have a legal obligation to list all of your assets. Listing your pet on your bankruptcy filing is scary and difficult. Learn the difference between your value and the bankruptcy court’s value. When filing for bankruptcy, the court will require you to assign a monetary value to your pet. But don’t worry – you don’t have to sell it. You just have to come up with a reasonable monetary value, and list it as an asset. Then we will exempt it and you get to keep your pet without any worries.

Above excerpt from: http://southernmarylandlaw.com/news-...kruptcy-cases/

So, the value of everything you own merely has to be listed. As such, it's one less thing for you to worry about

[noblemacaw]

Thank you for that quote Tony. The lawyer did assure me that the court will NOT make me sell Valentino and his cage. I did assign $1500 to both him and the cage. When I look at the paperwork the only assets I see are my foreclosing home and Valentino and his cage listed as Red Fronted Macaw and Stainless steel cage $1500. I really have nothing left. All that I had of value I sold or cached in at the request of my Ex. Not only had my Ex insisted I sell anything of value and cash in my 401K and IRA's but also is leaving me homeless and I am reduced to having to file for bankruptcy. No one deserves this crap.

[Grey]

Ouch! By cashing in 401Ks and IRAs you will be hit with a substantial tax penalty. A bit late, but I think you need to stop listening to your ex.

[noblemacaw]

The cashing in of my profolio was done over time since 2008 when I had my cancer. I was never able to return to work full time and especially after I graduated from university. Her income alone was never enough to pay the bills. I did what I could to help out to pay the mortgage because I didn't want to lose my home. Well all was for naught because I am losing my home anyway. Since I have not worked since 2010 I have no taxes to pay or claim as I have not filed. As for "fees" catching up to me they will not because the tax hits were already accounted for. It has only been since November when she called it quits. By then I had nothing left of value. Logically she could come back and tell me "since I paid for Valentino he is mine" but she knows better than to try that because I would destroy her financially, emotionally and maybe physically. I also know Valentino's breeder (Wendy Craig) would legally back me up stating Valentino was a gift she "gave" me so she cannot take him. The cage I paid for so that is not any issue.

On a positive note I don't have any assets to hinder me with getting assistance if I totally am in need of it. But if it gets that low I will have to rehome Valentino at that point. I will NOT subject him to the lifestyle of being transient.

[Debra]

How are things going Rebecca?