Before Filing for Bankruptcy, You Need to Know the True Value of Your Property

No one wants to file for bankruptcy if possible. If it happens, you might have to give up everything that you own in order to pay your creditors. As such, it is important that you take some time to understand the value of everything that you own. You can’t just let your assets be taken away without knowing how much they are worth.

Besides, you might have properties that are worth enough to repay your debts, and then there will be no need for you to file for bankruptcy. Your house is usually one of the first properties to be considered before filing for bankruptcy.

You can’t just estimate the price of your house; you might value it lower than its actual worth, and instead of using it to repay more debts, you’ll end up getting less. Hence, you need to have a property surveyor come over and inspect and value your house.

It helps a lot if you have someone who can inspect the entire property. Once the inspection is done, a valuation report will be sent to you. This serves as evidence that the property has been fully inspected and that the value stated in the report is accurate.

Understanding the legalities

The main issue when you don’t hire a surveyor to do a property valuation is that you might undervalue or overvalue the property. Either way, you can be penalised by the law. Lying in a bankruptcy petition is considered a crime. Some people even end up in jail because they do not provide accurate information on their bankruptcy filing. It may not have been intentional, but that’s how it was seen.

Choosing the best surveyor

The good thing is, if you live in Essex and have a property that you wish to be inspected, hiring property surveyors Essex offers is very easy. You should always check their credentials if you want the best surveyor for the job.

Once you have found the right surveyor, schedule an appointment and let him come over. Make sure that you tidy up the place in order to make the property look more valuable. This is true not just for those who are filing for bankruptcy. Even those who are simply planning to sell their property should consider getting a surveyor. The property must be thoroughly checked first to ensure that it is given the correct valuation. Those who wish to buy it can easily see that it is actually worth the amount stated, as the surveyor will have his signature on the document, which gives greater credibility to the value assigned rather than just a rough estimate by the owner.