Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Are you using Exemption Set #1?
The current limitation is $550 per item, and as long as there are no items that are worth more than $550 (the current value, not the price you paid for those items), there is no limit to the amount that you can keep.
This is in addition to the unused portion of homestead exemption plus the wildcard (up to $23,250).
It matters because the values are supposed to be accurate. If the trustee thinks the values are off - whether overstated or understated - that can give the impression that other things in the petition are also not accurate.
So the problem would not be a determination that you have items with a lot of value, the problem would be that the petition is not accurate.