Business proprietors contemplating bankruptcy owe it to themselves to contact a competent bankruptcy attorney early in the process. Many bankruptcy attorneys report that the majority of their Chapter 7, Chapter 11, and Chapter 13 clients waited too long before seeking legal counsel. In an attempt to delay or avoid an actual bankruptcy, some individuals have borrowed money from relatives, maxed out their charge cards, cashed out or borrowed against the funds in their retirement plans, and - in some cases - sold the business' machinery and equipment, often at prices below market value, not realizing that in some business bankruptcies, they could have retained enough equipment to continue operations. Ouch!
A bankruptcy attorney would not suggest any of these options. In fact, many of these actions may cause a business proprietor to lose some of the benefits of filing for bankruptcy. According to some Bankruptcy Attorneys, it is even possible that an individual could be completely disqualified from registering for bankruptcy in specific circumstances.
Your bankruptcy attorney will recommend that you contact an accredited, certified equipment appraiser. Your attorney will advise you on the timetable; in the interim, you will need to pay your equipment appraiser for the required USPAP report.
Many individuals who file for bankruptcy have set aside sufficient funds to cover legal fees. Remember that there will also be appraisal fees and set aside sufficient funds for them. Do not find yourself in the position of multiple businesses that have attempted to coordinate a bankruptcy equipment appraisal after depleting all cash reserves in an effort to remain solvent. The inability to pay the few thousand dollars required for an appraisal disrupted and delayed the bankruptcy proceedings.
If you are uncertain as to the cost of an equipment appraisal, compile an inventory of your equipment and submit it to a qualified equipment appraiser for a quote. Clarify your reason for contacting. Visit the American Society of Appraisers to locate a local Accredited Senior Appraiser specializing in Machinery and Equipment, who should be able to provide you with a ballpark estimate of the cost of your bankruptcy equipment appraisal.
If you are contemplating bankruptcy for your business, do not take any chances; seek legal counsel as soon as you realize that it is a possibility, and be sure to set aside money for both legal counsel and a qualified USPAP equipment appraisal.""
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