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.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.
Why Choose Sullivan Appraisal Services?
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-licensed or do not have a strong track record of providing accurate assessments.
At Sullivan Appraisal Services, we have the experience and expertise that you need during a bankruptcy. Our partners have over 40+ years combined experience completing these types of appraisals in New Jersey.
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.
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