QUESTION
What form in chapter 7 would I apply foreclosed properties?
Asked on Nov 07th, 2012 on Bankruptcy - Indiana
More details to this question:
I just filed chapter 7 and got back a deficiency on a form. Both a condominium and primary home were foreclosed on. Does this info belong on schedule D E or F?
8 ANSWERS
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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You would list a mortgage holder on schedule D up until the date the redemption period ends. After the redemption period ends you would list the mortgage holder on schedule.
Answered on Nov 09th, 2012 at 1:05 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It belongs on schedule F. Also, make sure to include it in the statement of affairs. Make sure you list 100% of ALL your debts and ALL your assets. My best to you.
Answered on Nov 09th, 2012 at 5:02 AM
Bankruptcy Attorney serving Buford, GA
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Kenneth A. Parker, PC
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Schedule D is for secured debt and schedule f is for unsecured debt. Usually you would list real property on schedule D, but if both properties have been foreclosed on, then the debt is no longer secured and it would go on schedule F.
Answered on Nov 08th, 2012 at 8:08 PM
This is why you should have hired an attorney. If you still own the properties, they go on Schedule A, the debts go on Schedule D unless the foreclosure sale has gone through, then the remainder goes on F. If it has been less than a year, the lawsuit and foreclosure go on the Statement of Affairs as well.
Answered on Nov 08th, 2012 at 8:06 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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They were secured debts, but if not, on the unsecured schedule. If already foreclosed at the time you file bankruptcy they would probably be considered unsecured.
Answered on Nov 08th, 2012 at 5:00 AM
I am not sure what you mean when you say you "got back a deficiency on a form." But if you no longer own the property, the debt should go on Schedule F unless it is for a tax. Tax debts go on Schedule E. I really urge you to retain an experienced bankruptcy attorney because the questions you don't ask will be the ones that will do you in.
Answered on Nov 08th, 2012 at 4:56 AM
If the properties have been foreclosed on, the deficiency balance is viewed as a non-priority unsecured debt which belongs on Schedule F.
Answered on Nov 08th, 2012 at 4:51 AM
William H. Von Willer
Sounds to me like your property was sold in foreclosure for less than the judgment amount, consequently, the remaining balance due would be an unsecured debt.
Answered on Nov 08th, 2012 at 4:51 AM