Pending claims
It is easy to take stock of what we have at home and place a value on it. But it requires more thought to consider property we may have – including inheritances for estates not yet probated and money owed to us for claims. Inheritances are liquidated as we know the amount out of the estate we expect to receive. It is more difficult to place a value on the contingent unliquidated claims, to use the language on Schedule B of personal property. Rarely do claims for personal injury arising from accidents, for example, settle quickly and often there is a wide disparity between what a client expects to receive and what the claimant’s attorney actually anticipates the case to be worth. The estate’s probate lawyer or the personal injury attorney can best provide the valuation of such intangible property in the debtor’s estate. But only a qualified bankruptcy practitioner can ensure that the debtor’s interest in this property is protected to the extent possible, using the applicable exemptions in their jurisdiction.
