Q: When listing my house in assets do I list what's owed or what house is worth on value?
Thinking about bankruptcy and looking at paper work was just curious of how they go off house when listed as assets/worth.
A: List the asset, the fair market value of the asset and the smount owed, if any. Complete info for each asset.
1 user found this answer helpful
A:
I hope you have an attorney to assist you in filing for bankruptcy. If so you need to direct this and all questions about bankruptcy to your attorney. If you do not have an attorney I strongly recommend you get one before filing a case.
Schedule A/B is were all assets are disclosed in a bankruptcy petition. The fair market value of the property is what you list as the value of the property in Schedule A/B. All debts are disclosed in Schedules D, E & F. The balance of the amount owed on a house loan is disclosed in schedule D, secured debts.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
