Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate debt restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the bankrupt individual or organization). Chapter 7 - Liquidation is the most commonly filed form of bankruptcy, having doubled in number in recent years. A bankruptcy appraisal is an important part of the procedure to determine a homes market valuation. Another filing procedure available, Chapter 13 - Financial Reorganization offers individuals an opportunity to save their homes from foreclosure and possibly cure delinquent mortgage payments over time.

Our professional services in preparing a bankruptcy home appraisal report are typically required in such a matter. Clients, or their legal representative(s) can contact us any time and, we would be more than willing to assist. Call 302.858.4983