Best Bankruptcy Lawyers in Taylor, MI

Do I Need My Home Appraised Before Filing Bankruptcy? By Walter Metzen If you own a home, you will likely need to have it appraised before filing bankruptcy in Metro Detroit. Thanks to web-based valuation sites like Zillow and Realtor.com, we all think we know what our homes are worth. These days, it can simply be Googled. Right? Wrong. Home values have risen dramatically in Michigan over the past 5 years. Thurs, you cannot be too casual about valuing your home for bankruptcy purposes. As a homeowner, filing a Chapter 7 bankruptcy in Ann Arbor, Southfield, Royal Oak, Ferndale, Bay City, and even Saginaw, Flint, and Detroit carries the possibility of having your home liquidated. Why Must a Home Be Appraised for Bankruptcy? Assets can be seized and liquidated in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, assets are never liquidated. Nevertheless, for either form of bankruptcy in Michigan, you are required to assign accurate values to all of your assets listed in your bankruptcy petition. And you must list all of your assets and all claims to money or property that you may have. Without exception. Why is this? The basic premise of bankruptcy in Michigan and everywhere else in the US is that you are relieved of your obligation to pay most debts but in a “fair” way that does not leave your creditors simply holding the bag in every case. While bankruptcy is a consumer protection right in the US (it is often a method of creditor collections in other co...