Bankruptcy appraisals are essential to the bankruptcy filing process. Simply put, you can’t file for bankruptcy without documented valuation of your assets. Personal attorneys recommend contacting a professional real estate appraiser as soon as possible when filing for bankruptcy.
What Is a Bankruptcy Appraisal?
Also called Bankruptcy Valuation, a Bankruptcy Appraisal establishes the current market value of your home. Any discrepancies in the value of your home can result in lengthy legal delays. These delays cost you money and prolong bankruptcy proceedings. Attorneys recommend that you hire an experienced and knowledgeable appraiser to avoid such pitfalls.
Based on your bankruptcy appraisal, the judge assigned to your case will decide whether the real estate is liable for exemptions or if it exceeds the level of protection.
Bankruptcy Appraisals: What Really Happens
Once you begin the bankruptcy appraisal process, our appraisers analyze local market trends and use at least 3-6 comparable home sales to establish the value of your property. Then the amount of mortgage money for which you are liable is deducted to arrive at an equity value. From there, the court decides whether you should be treated under Chapter 7: Liquidation Bankruptcy or Chapter 13: Debt Repayment Bankruptcy.
The valuation process is highly specialized and can only be performed by professional Bankruptcy Appraisers. Our appraisers work together with lawyers and judges who deal with bankruptcy cases for the best possible outcome. Bankruptcy can be a long and painful process, but we are here to help.
Still Have Questions?
The appraisers at Atlantic Appraisal Group have the know-how, expertise and legal connections to make filing for bankruptcy as easy as possible. We want to help! Email us at email@example.com with any questions you may have, or call us at 757-296-8800 to speak to one of our professionals about your bankruptcy appraisal. We look forward to working with you.