A friend filed bankruptcy a couple years ago. The house value had to be a certain amount in order for them to keep it. Don't know the exact percentages, but it was a big question as to how the bankruptcy was filed.
Obviously the bankruptcy judge and trustee are interested in knowing the asset values and debts involved. The purpose of the report and the client may be a little different than usual but the process is the same - arrive at your opinion of market value. You might want to keep in mind that your value could be the final measuring stick for the court and they might not allow any sale at a price less than the appraised value.