What is the best way to find the property value used in a bankruptcy filing? What sources do trustees use to find that value?
Realtors in the area. Zillo.com. Request to the debtor's counsel for their appraisal, market analysis from a real estate agent et. al.
Chapter 7 Bankruptcy Attorney
In most jurisdictions, there is an official bankruptcy appraiser for personal property, such as cars, furniture, business inventory. The Trustee can provide you with the name of the local appraiser.
For real estate, there is quite a bit of variation throughout the US. In Nevada, we must use a certified appraiser for any motions. For filing the petition, we can use Zillow or the BOA Cyberhomes cite.
Hope this perspective helps!
Chapter 11 Bankruptcy Attorney
Depending on the trustee, the trustee may obtain a broker's price opinion for a range of values, conduct his own appraisal or put the property on the market for sale to determine what a buyer would actually pay.
If you are considering filing for bankruptcy it is imperative you seek competent legal counsel as you are dealing with the most important financial asset and liability of your life.
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Attorney Gerald Wolfe
Law Office of Gerald Wolfe
19600 Fairchild Road, Suite 295
Irvine, CA 92612