Re: A few more questions

Posted by Why Chat (209.240.222.130) on July 16, 2002 at 22:12:54:

In Reply to: Re: A few more questions posted by observer on July 16, 2002 at 21:54:56:

You guys are doing such a great job I feel "unneeded" !!! However, when determining the value of any asset in BK it is valued at it's distress sale value, not it's market value. So a house that may appraise for $175,00 for sales or mortgage purposes would be appreciably less for BK purposes. In all likely-hood, using a general rule-of-thumb, the safest figure to use is the assessed valuation.
Just as you use the blue book trade-in value on cars.The other thing to be considered is a little more complicated and frightening, people who are defaulting on their 2nds & 3rds without declaring BK are possibly going to be dragged into the coming round of fraud lawsuits by REIT investors.

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