You don’t have any obligation to get an appraisal, but you do have the
burden of proof on the liquidation test if the Trustee objects.
However, if the Trustee objects and it is set for evidentiary hearing,
it will be interesting to see if the Trustee hires someone to do a CMA
or appraisal. At least in our district, if there is no other evidence
of value, the judges will accept lay opinion by a debtor as to the
value of property they own. If it was me, I would wait to see if they
do the objection and what evidence they use in support. I would then
consult with the client regarding whether it was worth it to hire an
appraiser.
Related posts:
The AL appraisal will go onto examine even more details.