Listing of Assets in Bankruptcy

Posted on August 3, 2009 by Jordan Bublick

In filing for bankruptcy, a debtor is required to list all of his or her property of whatever type and wherever located in his bankruptcy schedules. It includes property jointly owned with another person. This includes all real estate and personal property, whether tangible or intangible. Intangible property, such as a potential lawsuit, must be included. It includes property located anywhere in the world.

A debtor may face certain civil or criminal penalties for failing to schedule all of his property.

The valuation of the property must also be set forth. Generally a chapter 7 or chapter 13 debtor sets forth a liquidation or rummage sale valuation for the personal property.

 

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