Help with Bankruptcy Forms: Schedule A - Real Property

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Schedule A is one of the forms you will need to fill out prior to filing for bankruptcy. Each of these forms, called Schedules, has a different purpose. The forms allow you to document your assets, identity, exemptions, debts and other qualifications. It is highly advised that an attorney fill out the documentation for you and that you review it thoroughly before signing and submitting it to the bankruptcy court.

Filling Out Schedule A

Schedule A is a disclosure of all real property you own. Real property is any type of tangible property like real estate. This includes buildings, land, condominiums, residential homes, commercial property and time shares. You must disclose any property you own, have a loan on and any property that you are co-owner of. If property is in your name, it must be labeled on the Schedule A, even if it is for your business or an investment.

To fill out Schedule A, follow these tips:

  • In the first column, list a description of the property. This is generally the physical address and a description of the property.
  • The second column on Schedule A is generally for the fair market value of the property. This is not what you owe or own on the property, but the value of the property if it was sold on the open market today.
  • In the third column, list any mortgage, liens or other debts in place on that property. Here, you will need to list any secured claims against the property.

All information needs to be thorough on Schedule A. It does not matter if you plan to keep the property or not, it all must be listed here. In fact, this form does not ask if you plan to keep the property or the current standing of loans you may have on it. That will come later.

Also, note that your name does not have to be on the deed or title, or on a loan, to be your own. If you have equitable interest in the property, such as an inheritance or through divorce, you need to include this on your bankruptcy documents.

Seek Legal Aid

The bankruptcy process is complex but it can be safely navigated with the aid of an attorney. An attorney will fill out the Schedule A for you, to ensure that no property is missing or mislabeled here. This will help ensure that your bankruptcy moves forward without any problems or dismissals over inaccurate or incomplete information.