When one files for bankruptcy, you must provide the court with an accurate financial accounting of your current finances including current income, debt, and asset value. WHen establishing the value of your assets, determining the current value of your home is one of the most important factors. Bankruptcy appraisals are the best way to prove that the value of your home, as noted in your bankruptcy documentation, is correct and accurate. The experience and credibility of the appraiser who performs your appraisal is very important to the judge presiding over your bankruptcy when making their decision to accept or reject your home value.
Bankruptcy Appraisal in Naples, Collier County, and Lee County
Bankruptcy reform legislation from 2005 makes the process of declaring bankruptcy more challenging, and the value of your home makes the quality of your bankruptcy appraisal very critical. It can make the difference between the court approving you for Chapter 7 bankruptcy or Chapter 13 debt repayment bankruptcy. Although a repayment bankruptcy requires that you work out a payment plan for your debt, it is much easier to keep your home. You can also protect some of your equity, with the amount depending on your state’s property laws. A bankruptcy appraisal and its merit to the court can play a heavy role in whether or not you get to keep your home.
While there are very few appraisers who perform only bankruptcy appraisals, there are usually some highly experienced and well respected appraisers witha proven track record of creating high quality bankruptcy appraisals. Seasoned bankruptcy judges tend to be more comfortable receiving appraisal reports from well known local appraisers as opposed to those from other areas.
Trust Longview Appraisals to help you determine the value of your & your client’s real property during the process of bankruptcy.
Bankruptcy Appraisal in Naples, Collier County, and Lee County