In a bankruptcy proceeding, you will be required to estimate values of your property, including any real estate you own. The process for estimating the value of your house depends the amount of equity you have. If the equity is significantly under the exemption amount, or there is no equity, it can be as simple as using an online estimation tool. However, if your equity amount is near the exemption level or above it, you may need to utilize a more involved process. Ultimately, the most accurate tool is to have a real estate broker conduct a comparative market analysis on your property, but that is not always an option. The more information you have to justify the value to the trustee the better off you will be. Usually, for properties at or above the exemption level, it is best to undertake at least a couple different methods for determining the value of your property.
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