Connect Appraisal
Welcome to Connect Appraisal, we are a leading Real Estate Appraisal company specializing in residential home appraisals in New York. We service the counties of Suffolk, Nassau, Queens, Kings, New York and Bronx Counties.
Bankruptcy Appraisal
A bankruptcy appraisal evaluates and establishes to a court whether a debtor is able to pay back debts or not. It is a detailed document required by the court in order to determine whether or not your 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.
A bankruptcy appraisal is a legal document and is accepted in court only from a state-certified appraiser or appraisal firm like Connect Appraisal. 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. If you wish to file for liquidation under Chapter 7, then it is advisable that you get a bankruptcy appraisal report drawn up by one of our experienced appraisers before you file.
It is in your best interest to get a property valuation done before you decide to file Chapter 7 or go into debt repayment plan under Chapter 13. Having a current, accurate home valuation before you begin litigation will give you some advance insight into your chances of being awarded a debt discharge approval. If the equity in your home is high enough to trigger a sale by your trustee, you can save yourself disappointment by rethinking you plan prior to filing a bankruptcy suit.
If the judge feels that the litigation appraisal lacks proper analysis and is not defensible then you could find you have 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, Connect Appraisal 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, is discharged. Unless you get a bankruptcy appraisal carried out by a state-certified real estate appraiser, you will not know whether or not you qualify for it. 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.
If you are filing for Chapter 7 bankruptcy then the appraisal will inform you as well as the creditor that certain properties you own can be exempted from being used to pay creditors’ claims. In case you have an earlier bankruptcy discharge, then based on your income, expenses, and amount of debt you owe, you could find you are not eligible for bankruptcy under Chapter 7. You will only be able to find this out once the licensed appraiser has assessed your financial position completely and honestly. Any appraisal that is not professional will not pass muster before a bankruptcy judge. When you work with Connect Appraisal, you will receive a detailed, custom written report that your bankruptcy appraiser is prepared to defend in court on your behalf.
Filing for bankruptcy is a painful and confusing administrative procedure. Your largest valuable asset, your home, shall play a big role in determining your bankruptcy case. Therefore, an accurate valuation of your property within a quick turnaround time is crucial to facilitating smooth bankruptcy proceedings.
It is advisable not to low-ball an appraisal when filing for bankruptcy. An appraisal should never slant to favor the debtor, as this will also favor with the courts of law. It is a criminal offense to file a dishonest appraisal, and this is why a reputable firm must always do your appraisal. Connect Appraisal can help advise a debtor with a complete appraisal. The firm also compiles a complete report with a full description of the property appraised as well as a description of the methodology used to determine the value.
Bankruptcy appraisals have a significant impact within the bankruptcy process. If the property is appraised unreasonably low, then this will cause issues and delays when the lender challenges the valuation. A poorly performed appraisal may also be rejected by the bankruptcy judge. Every appraisal that Connect Appraisal performs is completed with a high level of quality and due diligence.
For a Bankruptcy Appraisal completed by a professional certified appraiser in New York including Suffolk, Nassau, Queens, Kings, New York, Bronx, Brooklyn, Long Island & The Hamptons. The Hudson Valley including Westchester, Rockland, Putnam and Dutchess Counties. Call Connect Appraisalat: 516-217-8225.