Also called bankruptcy valuation, a bankruptcy appraisal is the process of assigning a fair market value to your current home that is reflective of local market trends. When an individual files for bankruptcy, he is required by law to give a full report of all assets under his possession. While valuing smaller possessions is easy and can be done with simple calculations, putting a fair price for a house is complicated business.
Many factors prevalent in the market need to be considered. For this reason, personal attorneys recommend that a bankrupt individual contact a real estate appraiser, such as DeKalb County Property Appraiser, as soon as possible because potential discrepancies in the value of a house can cause long and painful delays in the filing process. It is primarily for this reason that hiring a trustworthy and experienced appraiser from DeKalb County Property Appraiser is highly recommended.
Based on this appraisal, the judge assigned to your case then determines whether the real estate is liable for exemptions or if it exceeds the level of protection allowed in bankruptcy.
Once you hire a bankruptcy appraiser with DeKalb County Property Appraiser, the process of the valuation begins. The appraiser conducts an analysis of the local market, particularly your neighborhood and its trends to determine the market value. They then use at least three to six comparable home sales in the market area to support the value and provide a solid argument for the opinion of value established in the report.
Rest assured that when you contact DeKalb County Property Appraiser for a bankruptcy appraisal, the appraiser assigned to you has the required knowledge, skill, and expertise to keep your mind at ease while the process unfolds.