Schedule D discloses any and all creditors that retain liens against any of your real or personal property. These types of creditors are typically referred to as "secured creditors". Common examples of secured creditors include mortgage companies, car loan companies, financing companies, and other banking type institutions that may lend you money and retain a lien against whatever property being purchased by you with the money lent. Secured creditors also include creditors that have been able to obtain a judgment against you and have attached that judgment as a lien against your property. Other creditors that may become secured creditors pursuant to Federal or State law also include homeowner's associations, municipal billing authorities for items such as water bills, property taxes, or for other municipal charges that then become secured against real property owned by you. Federal and State income taxes, trust fund taxes, or any other type of tax owed by you may also become a secured debt against your property. Schedule D is designed so that the left hand column lists the name and address of the secured creditor, the next column to the right describes who is liable for the debt and whether the secured debt is unliquidated, disputed, or contingent, the next column then describes the property which secures the debt, such as a car or a home. The following two columns list the total amount owed on the secured debt and whether any of the total amount owed is unsecured (meaning that the secured creditor is owed more than what the property securing the debt is worth). There are other events that could create a secured debt in real or personal property requiring you to disclose that secured creditor. To learn more, contact the attorneys at Belsky, Weinberg, & Horowitz, LLC.

Now that we have discussed where to list all of your assets, lets talk about how they are treated in your bankruptcy case. In order not to lose assets by way of a trustee seizure in a Bankruptcy case, you must be sure that the assets are exempt under appropriate exemption law. Originally, the Bankruptcy Code allowed for exemptions to be applied to the value of any assets you desired to retain, however, the individual States were later allowed to "opt-out" of the Federal Exemption scheme and substitute their own set of exemptions for its own State residents. Some States' exemption statutes are more generous than the Federal Exemptions, but Maryland's Exemptions are actually a little less favorable. If you have been a resident of the State of Maryland for at least two years just prior to the filing of your bankruptcy case, then you must apply Maryland Exemption law. If you did not live in the State of Maryland for the 2 years prior to the filing of your bankruptcy case, then you may either have to apply your prior residence State's Exemptions or the Federal Exemption Statute, you should consult an attorney to be sure which to choose.

Under Maryland law, you are allowed $12,000.00 worth of asset exemptions. Any property that you own which has equity that exceeds the $12,000.00 limit may be seized and liquidated by the Chapter 7 Bankruptcy Trustee to pay your creditors, or if in a Chapter 13 you could be forced to pay an amount equal to the value that exceeds the exemption limit to your creditors, but still retain possession of your property. In the state of Maryland, you are allowed $1,000.00 total for household goods and furnishings exemptions. The remaining $11,000.00 worth of exemptions can be used to protect the remainder of your assets be it real or personal property. Now, you may be getting nervous to file bankruptcy because you have been saving for retirement in a 401 k or IRA. Don't be nervous, as these monies are usually 100% exempt allowing you to still have the funds available for your retirement, so long as they are qualified retirement plans recognized by the Internal Revenue Service. 401 k's, 403 b's, 457 a's, SEP IRA's, Simple IRA's. These qualified retirement accounts have their own exemption, and there is no limit to that exemption. To be sure your retirement asset is exempt, consult an attorney. The same thing applies to life insurance. Remember whole life policies will generally have a cash surrender value, and that amount can only be protected with the remaining $11,000.00 of real and personal property exemptions allowed to you under Maryland law. Term life insurance policies typically have no cash value, but nonetheless would be exempt under Maryland law as money payable in the event of accident, sickness, or death. Also, claims for personal injury or Worker's Compensation Claims are usually exempt as money payable in the event of accident, sickness, or death, but any lost wage component of those claims would have to be exempt under the real or personal property exemption statutes under Maryland Law. Applying exemptions is very complicated, consult an attorney before you end up losing your property!

For more information visit our website at www.legalteam.net or call our bankruptcy department from anywhere in the state at 1-800 895-5333.

Schedule B deals with all of your personal property. This schedule will deal with anything from the clothes on your back to the vehicle in your garage. Schedule B has a complete categorization of all personal property such as: cash, bank accounts, security deposits, furnishings, clothing, retirement plans, tax refunds, stocks, bonds, mutual funds, interest in a company or corporation, interest in a partnership or joint venture, interest in a sole proprietorship, interest in an inheritance, interest in life insurance, interest in a lawsuit or claim of any kind including loss for personal injury, interest in an oil well, machinery, equipment, inventory, helicopters, boats, office supplies etc... Schedule B provides a column for a description of the type or amount of property you hold within one of the specifically numbered 35 categories. Schedule B also provides a column for the value of whatever personal property you own. Personal property can include anything that is in your name that is not real property, or anything else that you may hold an interest in. Unsure where to list your life insurance policy? Look no further, Schedule B is your answer! The Bankruptcy Code requires full disclosure of all of your personal property. Failure to disclose all of your assets may lead to charges for bankruptcy fraud!

The lawyers at Belsky, Weinberg & Horowitz, LLC are "debt relief agents" assisting individuals to file bankruptcies under Chapters 7 and 13 of the Bankruptcy Code.  Please contact us should you have questions about the process of filing for bankruptcy protection.