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Schedule D in Bankruptcy

Individuals filing for bankruptcy will be able to use a Schedule D to list creditors holding a secured claim. There is often confusion on what should be claimed on the Schedule D form? Uncertainty of how to properly fill out a Schedule D form often lead to questions like the ones answered below.

What is a Schedule D in bankruptcy?

Schedule D is a form in bankruptcy used to list creditors holding a secured claim. Schedule D would include mortgage and auto loans. It would not however include the actual real property that is the home or the car.

I have a title loan against my vehicle. Is there any way to get rid of the loan and would I need to file the loan on a Schedule D form?

If the creditor is holding the title, they are a secured creditor and belong on schedule D of the bankruptcy petition. You would not be able to get rid of the debt and keep the car. You would be able to walk away from the car if you no longer want it. You can discharge the debt. You can also pay the loan as it stands. Another option is to buy the car from the lender for the fair market value and discharge the rest of the debt (if the car is worth less than the balance owed) otherwise known as a redemption.

How would someone file an amended Schedule D?

You would begin by filling out the same Schedule D form that you filled out when you originally filed for bankruptcy. You would make the necessary changes to the form. Keep in mind that once you amend the Schedule D form the newly revised form will take the place of the previous form so you want to make sure that you fill it out entirely. Do not just fill it out with the changes. At the top of the form you will write “Amended”.

A copy of the amended Schedule D form will need to be mailed to the Bankruptcy trustee and to the United States Trustee. A copy of the form will need to be filed with the bankruptcy clerk and you will need to keep a copy.

You will also need to fill out an Amended Summary of Schedules. You will follow the same amending rules as with the Schedule D. And additionally mail and file with the appropriate people.

I had a judgment for an unsecured debt. I am now filing Chapter 7 bankruptcy. Do I put the judgment on Schedule D?

If this unsecured debt is something like a credit card then it would not go on Schedule D. Schedule D is used to list creditors that have a secured claim. You would only need to put the judgment on Schedule D if the creditor has put a lien on any of your assets.

Having the right information and understanding of a Schedule D in bankruptcy can help when dealing with questions regarding a Schedule D. Experts can help answer questions about Schedule D inclusions or how to fill out an amended Schedule D. Get the answers fast and affordably by asking an Expert online.
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