Estate, Divorce, and Bankruptcy
Estate
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Estate settlements require that vehicle values be accurately assessed so heirs can file the necessary probate paperwork and determine how best to distribute or sell assets. ACME Auto Appraisal helps family members determine a fair market value to divide inherited property or offer it for sale. We can provide an independent vehicle appraisal by a certified appraiser to help you establish the value of all types of automobiles involved in estate settlements whether antique, classic, or customized vehicles. Estate values are established based on the vehicle’s current condition, restoration and maintenance history, and special options.
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Divorce
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Divorce is difficult, particularly when couples must decide how to distribute assets to each party as part of the settlement. How do you split a vehicle two ways? This can be complicated if the vehicle is worth a substantial sum or if there isn’t enough property in the estate to equally compensate the other partner for the vehicle. Some auto owners may be forced to sell a valuable car or collector vehicle to adequately split the value.
Matters can be further complicated if the value of the vehicle is ambiguous or undocumented, as is often the case with antique vehicles or hobby cars. If a value cannot be determined and agreed upon by both parties, there can be disputes about the vehicle value that can make it difficult to reach a settlement. An independent appraisal is an excellent way to establish what the car is worth. As certified appraisers, we can establish a fair value for the vehicle which can help to smooth out discrepancies during the divorce settlement process.
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Bankruptcy
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Bankruptcy is about getting a fresh start and regaining control of your financial future. You will likely be required to establish the value of your vehicles for the courts during the proceedings. Typically, the judge wants to see a full appraisal completed by a certified appraiser who abides by the published standards for auto appraisals and is obligated to follow standards set forth by the USPAP. Having a fully documented appraisal report to present to the trustee and/or judge will show that you are serious about your bankruptcy proceedings.