What is a Bankruptcy Appraisal?

Fort Worth Bankruptcy AppraisalsWhen you are struggling to repay your debts, you may need to file for bankruptcy. This allows your debts to be reduced, eliminated, or restructured under federal law. During this process, the courts will need a clear indication of your current finances and assets, which may require you to hire a Fort Worth bankruptcy appraiser.

 

What is the Value of Your Home?

Determining the value of your property is certainly not a simple task. Your home is not worth the same amount as it was when you purchased it, as the market changes, and your property value has likely appreciated. So, you need to determine the current market value of the home.

This is when the services of Tadlock Appraisal Company is necessary. These professionals not only know how to evaluate the condition and value of different features of your home, but they also have the appropriate knowledge and familiarity with Fort Worth real estate values.

Hiring an Experienced Fort Worth Appraiser is Important

When filing for bankruptcy, you might think that it is best to receive the lowest appraisal value possible. In some cases, your bankruptcy lawyer may be able to have an outstanding second mortgage stripped, if the mortgage is higher than the property’s value.

However, it is not wise to choose Fort Worth appraisers based on whether or not they will provide you with low appraisals. Your goal should be to find qualified and experienced appraisers who will provide accurate figures. This legal situation will have a significant impact on your future, and all of your information needs to be as accurate and honest as possible.

The Significance of Your Bankruptcy Appraisal

Your appraisal report will be submitted to the bankruptcy court. A judge will use this information, along with other financial reports that you provide, to determine whether your bankruptcy filing will be approved and whether or not you qualify for Chapter 7 or Chapter 13 bankruptcy. If you are able to qualify for Chapter 13 bankruptcy, you might be able to keep your home, whereas, during Chapter 7, your assets are liquidated.

The Tarrant County appraisers that you choose are crucial because you do need this report to be as accurate as possible. If the judge feels that the market value provided is uncharacteristically low, or that there are any other problems with the document, this can have a significant impact on the ruling. Do your research and choose appraisers that are known for delivering dependable results.

 

 

 

 

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