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.
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-certified or do not have a strong track record of providing accurate assessments.
Why Choose New Era Appraisals?
At New Era 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.
Select your Appraisal Based on the Size of Your House
*Waterfront Homes, Properties over 5 Acres or Complex Properties must select Jumbo
Don't know your Properties Square Footage?Look-up Your Property Tax Record
We boast a 48-72 hour turn times from order to delivery. No other appraisal office in our area can do that without cutting corners. We can promise it, and we do not cut corners.
With 14 years in the business, we know the local market better than any other appraisal company. Knowing the market means knowing the true value of your property.
We put a top priority on quality of product. We realize that the value of your property is not a haphazard idea. We cross our "T’s" and dot our "I’s". You can trust that accuracy is our number one aim.