What to expect from an NY appraisal firm during bankruptcy
In New York, during the bankruptcy proceedings, appraisal firms are required by the homeowners. When a person files a petition for bankruptcy, the courts requires it to be supported with a credible appraisal report and in NY, this is ideally prepared by a state certified residential appraiser. The appraisal report is generated for court purposes and it determines the worth of debtor’s assets. Thus, during Bankruptcy, homeowners contact NY appraisal firms and thereby get the process initiated.
As the appraisal report is needed during the legal proceedings, two factors play pertinent roles, viz., authenticity and timing. To be acceptable by law, the appraisal report has to be authentic and credible. To this end, the judge usually considers the format of the generated report and the experience and established reputation of hired appraiser.
It is thus suggested that a well renowned, experienced and professional NY appraisal firm should be hired. Only a practiced appraiser would understand the specific nuances related to chapter 7 and chapter 13 bankruptcies and thus will be able to generate a corresponding report.
Besides, an experienced NY appraisal firm would focus on conducting an extensive evaluation and thus preparing a detailed report, which is readily acceptable by the court. This efficient execution takes care of the second critical element ‘time’. Bankruptcy is a legal procedure and it is time governed. The court has an established process, wherein the person filling for bankruptcy is expected to meet various deadlines.
Given such a scenario, delays in generation of a credible appraisal report would only delay resolution. Hiring a committed NY appraisal firm, streamlines the procedures and thus effectively deals with this possible roadblock.
