What are Bankruptcy Appraisals?
When filing for bankruptcy, you must supply the court with a summary of your current financial situation. This summary will include information about your current income, your current debts, and the value of any assets you own.
If you own a home, it’s likely your largest asset. Therefore it’s especially important to accurately determine its current value. A bankruptcy appraisal will do just that.
Why Are Bankruptcy Appraisals Important?
If you are applying for Chapter 7 bankruptcy, your goal is to liquidate your assets — house included – in order to settle your debts. Your bankruptcy appraisal can influence whether you’re approved for Chapter 7 or whether you must apply for Chapter 13 bankruptcy instead. Chapter 13 requires establishing repayment plans with your creditors to settle your debts.
Your bankruptcy judge will pay close attention to the appraised value of your home when reviewing your bankruptcy application. The accuracy of the appraisal and reputability of the appraiser will, therefore, affect the outcome of your bankruptcy proceedings.
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Hiring the Right Bankruptcy Appraiser
Hiring a trustworthy and experienced appraiser is one of the most crucial decisions you will make throughout this process.
In bankruptcy court, the judge has the power to decide whether to accept or reject the bankruptcy appraisal. Many bankruptcy judges will not even recognize appraisals from professionals who are not state-licensed or do not have a strong track record of providing accurate assessments.
Why Choose Authority Appraisals?
At Authority Appraisals, we have the experience and expertise that you need during a bankruptcy.
We will look at the size and condition of the home, as well as factual data about comparable homes that have recently sold in the same area or neighborhood. We will then prepare a detailed report documenting how we arrived at our value assessment. Most importantly, this report will be one you can present with confidence to the court.
Authority Appraisals also can offer professional Brokerage Services under our sister company Rhodes & Associates Realty. For more information on our Brokerage services please visit us on the web at www.Rhodes-Associates.com
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Feel free to contact us and get a free quote!