Your home & Bankruptcy
Ever thought about just how a bankruptcy debtor calculates the value of your property? It’s achieved through a bankruptcy appraisal. You’ll need to be as precise as possible when your attorney asks that you determine your home’s worth. In fact, typically an attorney will recommend that their customers contact a local real estate appraiser to perform an appraisal on the home to accurately assess it’s present fair market value.
The Bankruptcy Appraisal
A home appraisal provides you with an accurate evaluation of your homes fair market value. Substantial discrepancies in the value of your house can create potential problems during bankruptcy. If the value is listed too low the client runs the danger of a trustee objecting to their arranged appraisal and possibly asking the judge for permission to confiscate your home.
In addition, an obvious ‘low ball’ value will call your honesty, truthfulness and credibility into question in potential future proceedings with the Bankruptcy judge, regent, and opposing lawyer. If a value is listed over what is typical, a client may lose out on the availability of a Chapter 7 and/or end up repaying more than necessary in a Chapter 13 bankruptcy.
What’s the difference between Chapter 7 and Chapter 13 Bankruptcy?
How an appraisal can help your Bankruptcy
Real estate appraisers perform an indispensable function in the bankruptcy process. Appraisers usually estimate asset collateral values of secured creditors and debtor-in-possession (DIP) financing’s; help to determine and value sale/leasebacks, spin-offs, licensing and various other re-organization solutions; and are often involved with structuring and valuing restructured debt and equity instruments along with evaluating and elaborating on the fair-mindedness of suggested re-organization programs.
For these reasons, bankruptcy experts quite often should hire, work with and rely on experienced real estate appraisers. Our group of accredited and experienced appraisers at Appraise Denver Xpert understands the complexities associated with evaluating the value of a house under these complicated circumstances and work hard to provide you with the absolute best experience.
You can also reach us at (720) 434-8527.
– We look forward to hearing from you.
– Click here to Learn about our Bail Bonds Appraisal.