When you file for bankruptcy, you must provide the court picture of your financial situation. Which includes your income, debt, assets and obligations. Having a home appraised is an important step in the bankruptcy process. This will provide the court with a formal document that details the market value of your property. A bankruptcy appraisal provides an opinion of value for the property owned by the debtor. It is important to hire a local appraisal firm with experienced, and credible appraisers.