What is Bankruptcy Appraisals?
Bankruptcy is another very stressful situation that life can throw at us, many time due to unforeseen circumstances not of our choosing. If you own your home, it will be recommended by your bankruptcy attorney to get a home appraisal. This is necessary as the courts will want to know the equity in your home. It is imperative that you get an accurate appraised value reflecting market value. If the value comes in too low and doesn’t reflect true market value, you have the potential of the courts seizing your house if the trustee were to object. If your house comes in too high, it could ruin your chances of benefitting from a Chapter 7 or a Chapter 13, thereby making you pay more money than you would have.
Besides, if the court does not believe the value of your house is accurate based on the information you provided outside of a real estate appraisal from a certified residential appraiser, you could lose trust from the judge and/or trustee resulting in potential further damage and lack of trust in other information you provided. It is always best to provide the best information possible by using qualified professionals, such as Appraisal Solutions.