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Filing for bankruptcy requires you provide the court with all your finances, debt, and other obligations you may have. There are numerous types of bankruptcy filings.  A Chapter 13 bankruptcy requires that the debtor prepare a repayment plan with creditors, and a Chapter 7 states that you are seeking total liquidation of all assets, including your home. Getting an appropriate value for all these can be quite intimidating. That’s why a bankruptcy appraisal is the best way to show the court that your values are accurate. Appraisers compare your property to multiple comparable property sales in the area, and the appraiser uses that data to estimate the value of your property.  Bankruptcy appraisals are also used to see if there are any assets that can be exempt for bankruptcy such as your house or car. Finally, bankruptcy appraisals are used to determine if you are even able to pay back your debts or determine if you need to file chapter 13 instead of chapter 7. A bankruptcy appraisal gives a debtor information about the value of his property which can help the debtor choose which type of bankruptcy to file or to file at all.

We look forward to assisting you in your appraisal needs. Contact us today for a professional and accurate appraisal.

 

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