In Bankruptcy proceedings, all of your personal information is disclosed in schedules ranging from Schedule A through Schedule J. We will look at these schedules one at a time and explain the type of information that must be listed in these schedules in order to successfully complete your bankruptcy case.

What is a Schedule A?

Schedule A discloses real property that you own. Real property is considered to be items such as homes, condominiums, land, buildings, time shares, and so on. In any bankruptcy case, all of your real property must be disclosed in Schedule A, regardless of whether or not the real property is your place of residence, an investment property, or belongs to someone else but you are just listed on the deed for inheritance purposes. So long as your name is listed on the deed or on title to the real property, you have a legal ownership interest in the real property and are required to disclose it. Schedule A generally includes a column for a description of the real property such as, its address, whether it is a single family home, town home, or duplex, a separate column regarding the real property's estimated fair market value, and a column disclosing the total amount of any secured claims or mortgage balances secured against the real property. All real property you have an interest in must be listed on Schedule A regardless of your intentions of keeping the property or not. Even if your name is not on title to the real property, but you have an equitable interest in the real property, you are required to disclose that asset. An equitable interest may arise in real property, if for example, a person has passed and has left you their home, even though you are not listed on the deed,. Another example would be during the course of divorce proceeding and you are awarded your spouse's home and your name has still not been listed on the deed to the home. There are other events that could create an equitable interest in real property requiring you to disclose that asset. To learn more, contact the attorneys at Belsky Weinberg, & Horowitz, LLC