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Fair Market Value

The term fair market value refers to the price that an asset or a property would be able to fetch in the marketplace. Fair market value remains only an estimate, but it is a studied estimate, and it is based on what a knowledgeable and unpressured buyer would most likely pay to a knowledgeable and unpressured seller for the asset or property. In bankruptcy filings, fair market value is the standard of value in many cases, and is used to make a number of determinations regarding debts and assets. Fair market value is not the same as the original purchase price, as over time items lose their worth as they become used. Fair market value is sometimes referred to as garage sale value, as it is an estimate of how much a person could feasibly get from selling the item.

Fast Facts

  • In the first quarter of 2006 Texas had the second highest number of bankruptcy filings, with 7,225 filings.
  • The percentage of credit card accounts that were 30 or more days past due dipped slightly to 4.18% in the fourth quarter of 2007.

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