What is Schedule A in My Bankruptcy?

Posted by on Nov 6, 2014 in Bankruptcy | 0 comments

What is Schedule A in My Bankruptcy?

Many forms must be filled out to process a bankruptcy.  Schedule A is a list of all real property (land, houses, time shares) that you own.  You must list all of them, whether you own them jointly with another person or all by yourself.

 

Failure to list all real property may result in the trustee claiming you are hiding assets from the bankruptcy court.  Even if you own a piece of property jointly with 10 other people, you must list the property and tell the trustee what portion of the property interest is yours.

 

You aren’t necessarily going to lose the property in your bankruptcy.  Your attorney can tell you what exemptions are available (amount of equity in property that you have available) and what the options are if you cannot protect the property.

 

Don’t do this alone.  I’ve seen many cases fail because debtors didn’t know what they were doing.  If you own a piece of property free and clear of all liens, you definitely need to talk with a bankruptcy attorney before you file.  Failure to do so could cause that farm that’s been in your family for hundreds of years to be sold by the trustee to pay your creditors.  Don’t let that happen.