How to file for bankruptcy — putting a value on real estate

Anyone who files a bankruptcy case has to put a numerical dollar value on all of their assets. For homeowners, their largest asset is usually their house. An accurate value of all real estate held by a debtor is necessary to file, even if the property is “under water” to a large mortgage.

You could have a full appraisal done of your home prior to bankruptcy, but that will typically cost several hundred dollars. If you have had an appraisal done for other reasons within the past six months, the value on that appraisal is what I will use on your bankruptcy schedules.

If you haven’t, however, you may want to try to get a value for your property from one of these internet real estate services before filing: Zillow, Domainia, Homegain, CyberHomes, or the Bank of America web tool.

 

By Doug Beaton

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