Frequently Asked
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What is Bankruptcy Filing?
A bankruptcy filing is a legal process in which an individual or business seeks protection under federal law to reorganize debts or liquidate assets under court supervision. The process requires identifying property of the estate, notifying creditors, and providing financial information that allows stakeholders to evaluate recovery prospects. Accurate asset values are critical for transparency, negotiations, and judicial oversight.
What is a Bankruptcy Filing appraisal?
A bankruptcy appraisal is an independent opinion of value prepared to support court proceedings, creditor communications, and restructuring or liquidation decisions. The valuation may be used in schedules of assets, adequate protection discussions, financing arrangements, sale processes, or plan development.
Assignments frequently involve machinery and equipment, inventory, vehicles, real property interests, and business assets. Reports are typically retrospective to the relevant legal date and developed in accordance with recognized professional standards such as USPAP. The objective is to provide a credible, well-supported value that can withstand review by trustees, creditors, and the court.
AppraiseItNow appraises many different asset types for bankruptcy purposes, including:
- Personal property: Furniture, household items, jewelry, sports memorabilia
- Art: Museum-grade and lower-tier artwork
- Machinery & Equipment: medical equipment, trailers, tractors, CNC machinery
- Inventory: large quantities of assets, manufactured or purchased
- Vehicles: cars, boats & marine surveys, trucks, buses
- Business Interests: Privately-held shares in companies or funds, LLCs, notes, and more
Who We Service
For charitable contribution appraisals, we mainly service:
- Households & individuals going through personal bankruptcy
- Operating businesses going through bankruptcy
- Bankruptcy attorneys
- Accountants
How long does a bankruptcy appraisal take?
It completely depends on what types of assets you are looking to have appraised and how large the assignment is.
Below are rough estimates by asset type:
- Vehicles: 3-4 days
- Personal Property (art, furniture, etc.): 1-2 weeks
- Machinery & Equipment: 1-2 weeks
- Inventory: 1-2 weeks
- Business Valuations: 2-3 weeks
Appraisals for Bankruptcy Filing anywhere in Florida, including:
- Miami
- Tampa
- Orlando
- St. Petersburg
- Hialeah
- Tallahassee
- Fort Lauderdale
- Port St. Lucie
- Cape Coral
- Pembroke Pines
- Hollywood
- Miramar
- Gainesville
- Coral Springs
- Clearwater
- Palm Bay
- Plantation
- Sunrise
- Daytona Beach
- Brandon