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ASSET/EQUITY TABLE
(AET)
BERGEVIN
Revised Jan. 31, 2006
Fair Market Value Quick Sale Value Encumbrance Net Realizable
(FMV) (QSV) or Exemption Equity
Asset Determination Determination Determination Determination
Cash 0 0 0 0
Checking acct. $1,347 $1,347 0 $1,347
Checking acct.-2 262 262 0 262
Savings acct. 25 25 0 25
401(k) 69,500 69,500 $24,325 45,175
401(k)-2 317 317 0 317
Loan value of
life ins. 0 0 0 0
Stocks, bonds,
mutual funds 0 0 0 0
Pension 0 0 0 0
Personal
residence 181,200 144,960 94,500 50,460
Dissipation
of assets 15,000-50,000 15,000-50,000 0 15,000-50,000
Other real
estate 0 0 0 0
Furniture/
personal effects ‹ 7,200 ‹ 7,200 7,200 0
Vehicle 1–1995
Saturn SL1
83,000 miles 1,000 800 0 800
Vehicle 2-2002
Toyota Camry
50,000 miles 11,000 8,800 6,855 1,945
Accts. receivable 0 0 0 0
Tools/equip.
of trade ‹ 3,600 ‹ 3,600 3,600 0
Total Net Realizable Equity in Assets $115,331-$150,331
Present Value of Future Income (from the IET) Cash Offer - $28,032
TOTAL MINIMUM OFFER (absent exceptional
circumstances) Cash Offer - $143,363-$178,363
(absent exceptional circumstances)
Total Tax Liability (as of 2/15/2006) $150,000
(POA’s estimate)
IRC 6334(a)(2) allows for an exemption of $7,200 for fuel, provisions, furniture, and
personal effects.
IRC 6334(a)(3) allows for an exemption of $3,600 for books and tools of a trade,
business, or profession.
REMARKS:
* The $1,347 value assigned to the checking acct. is the average minimum balance as
reflected on the June, July, and Aug. 2005 bank statements.
* The $69,500 value for the 401(k) acct. based on the 9/30/05 statement. An
estimated 35 percent tax implication is assigned to this 401(k) acct. because it
is being used to fund the offer.
* The $181,200 value for the Personal Residence is the Estimated Market Value as
determined by the Anoka County Assessor and reflected on the 2005 Property Acct.
Statement.
* The Private Party Value of the 2002 Camry is $11,000. Trade-in Value is not used
because the FMV is reduced by 20 percent to arrive at a forced-sale value.
* $15,000-$50,000 dissipation of assets assigned to the portion of the Home Equity
Line of Credit used to fund payment of unsecured credit cards debts and non-
necessary living expenses such as sprinkler.
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Last modified: March 27, 2008