How do you Evaluate Your Property for a Bankruptcy?

: Reese Baker & Associates

  Filed under: Foreclosure

homeYou have to understand that the value for your property that you list in your bankruptcy is not as you perceive the value of them. It has to be the actual cost for it, if they were going to be replaced at this time. You may have to have supporting documentation that shows the trustee that your valuation is accurate.

Many Questions

You could be questioned about these figures that you have supplied. Not only by the trustee but by the creditors during the creditors meeting. If possible try to have credible documentation to rely on even if you are not asked to produce if for each evaluation you are submitting on each piece of property.

Written appraisals are good supporting documentation so be sure to use a qualified and properly licenced appraiser for this. This is most in regards to your furs, jewelry and art works. For your vehicles you can rely on the Blue Book or a replacement value from NADA.

It is most important that you do not leave anything off your property list that you are required to submit for your bankruptcy. If you do, then there are possible repercussions like receiving a fine or penalty, and even having your bankruptcy denied.

Go over each of your properties with your Houston bankruptcy attorney, who will ensure that all of your documentation is being correctly listed and submitted.