During bankruptcy proceedings, it may seem strange to spend additional money to obtain appraisals of your vehicles. But the investment may actually be worthwhile.
Deteriorated vehicles have lower than book values. Over time, deferred maintenance, unrepaired damage, and jury-rigging to keep the car functional may have contributed to a reduction in the value of the vehicle. The courts do not consider any of this. They go strictly by the book value and may overvalue your vehicle if it is in less than ideal condtion. The correct adjusted value can only be presented to the court with a formal appraisal.
An impartial appraisal can document the actual fair market value of your vehicle. This documentation will prevent a court or some attorney from determining what your vehicles are worth.
An appraisal includes an assessment of condition and a determination of the fair market value of the vehicle. It provides the documentation required to justify the value during bankruptcy proceedings.
Appraisal for Bankruptcy
An appraisal provides a value of your vehicle at the current time and in the current condition. We inspect and photograph the condition of the vehicle and collect any information from the owner that could affect its value. We then rate the vehicle on a universal scale of condition.
We assess the value of the vehicle in its current condition and prepare a formal appraisal report.
The first hour (round-trip estimate) is free. Any travel exceeding one hour round-trip (door to door) is $75/hour by car. Travel time is $50/hour for any transportation other than driving. Parking, tolls, etc. are additional. Motels, meals, and other related overnight expenses are billed at actual cost.
**Court Fee Schedule
Depositions / Court appearances are $250/hour for the first two hours, with a two-hour minimum. Subsequent time is $200/hour. The clock begins at the appointed hour which we are requested to appear. Cancellation fee is $200 for cancellation notice of less than 24 hours (business time) and $100 for cancellation notice of more than 24 but less than 48 hours. A cancellation notice of more than 48 hours will result in no charge.