When you file for bankruptcy, you must provide the court with a total financial snapshot of your current income, debt and other obligations. While establishing values for most of these things is relatively easy, determining the current value of your home can be challenging. A bankruptcy appraisal is the best way to prove to the court that your value, as written in your bankruptcy documents, is accurate. It establishes an opinion of value for your home based on thorough market analysis, neighborhood trends and characteristics, and by comparing your home to sales of similar type properties in your area. The experience, credibility and industry reputation of the appraiser are critical to the bankruptcy judge in accepting or rejecting your home valuation as accurate.
Bankruptcy reform legislation adopted in 2005 makes the bankruptcy appraisal highly important in whether the court approves you for a Chapter 7 liquidation bankruptcy or requires you to file a Chapter 13 debt repayment bankruptcy. The bankruptcy judge has final authority for all proceedings, including accepting or rejecting your home appraisal report and value. This authority to make or break your bankruptcy petition makes it crucial that the person or firm performing your bankruptcy appraisal prepare a thorough, detailed and strongly supported report. Typically, bankruptcy judges will only accept state licensed and state certified appraisers with a proven history of preparing accurate appraisals. The court recognizes the importance of a strongly supported appraisal, as should you and your attorney, to permit a successful bankruptcy filing.
Cal Pacific Appraisal Company has been servicing attorneys and CPAs for nearly three decades, providing well developed, thoroughly detailed and firmly supported bankruptcy appraisal reports, thus, helping and assisting in making the whole ordeal run smooth for all parties involved.