In re Sumerell

Sumerell (defendant) claimed household goods and furnishings as exempt in his Chapter 7 case, valuing them at $2,135 based on liquidation value; creditor Wachovia (plaintiff) objected, arguing the true fair market value was $27,405. Wachovia's expert, an auctioneer, valued the goods based on auction resale and even offered to personally buy them all for $19,700, while Sumerell's expert testified the retail value was $19,850 but a quick liquidation sale would net only about 20 percent of that, or $3,900.