No one hopes to declare bankruptcy. In fact, you’ve probably tried everything to avoid it. But, let’s face it: sometimes circumstances outside our control—medical bills, divorce, or worse—make bankruptcy declaration unavoidable. Now that you’ve decided to file, what happens?
As a homeowner, one of the most stressful parts of the bankruptcy process is wondering what will happen to your home.
A bankruptcy appraisal by a state-certified appraiser at Brookhaven Home Appraiser will show the current market value of your property. It provides you, your attorney, and the court an unbiased, third-party evaluation of this part of your financial picture. The bankruptcy appraisal report evaluates and establishes to a court whether or not you are able to pay back your debts. This detailed document is required by the court in order to determine if bankruptcy filing is considered meritorious. Your home, likely your largest asset, is evaluated along with other property to give the correct picture of your financial status at the time of declaration.
The judge in a bankruptcy court may not accept the valuation for a Chapter 7 bankruptcy suit if the appraiser cannot explain the basis for the property valuation in detail. Therefore, if you wish to file for liquidation under Chapter 7, it is advisable that you get a bankruptcy appraisal report drawn up by the experienced appraisers at Brookhaven Home Appraiser before you file.
Likewise, if you file under Chapter 13 and the judge feels that the appraisal is not defensible and/or lacks proper analysis, you may find yourself having to pay back your debt under the Chapter 13 bankruptcy plan. That is why it’s critical to work with a knowledgeable bankruptcy appraisal expert. Together with your attorney, Brookhaven Home Appraiser can advise you of the best course of action based on a verifiable analysis of your home’s value.
Filing for Chapter 7 bankruptcy is considered better in most cases, as you can usually keep your property. A portion of all outstanding debts, such as a second mortgage, are discharged. Unless you get a bankruptcy appraisal carried out by a state-certified real estate appraiser from Brookhaven Home Appraiser, you will not know if you qualify. Only after the appraiser carries out a full financial and home valuation will he be in a position to suggest which form of bankruptcy you should consider. A Chapter 7 bankruptcy is also quicker, provided the judge approves of the asset valuation submitted to the court by your team.
No matter your reason for filing for bankruptcy, your choice of appraiser is extremely important. You’ll want someone who can prove that your property value is exactly what you say it is. You cannot afford to gamble on anything less than expert service.
The team at Brookhaven Home Appraiser will put years of industry experience and market knowledge to work on your behalf, ensuring an accurate, unbiased value of your home. Contact us today for your complimentary consultation.