Oklahoma City, OK asked in Bankruptcy for Oklahoma

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.

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2 Lawyer Answers
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

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

Answered
  • Bankruptcy Lawyer
  • Tulsa, OK
  • Licensed in Oklahoma

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.

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