Continuing on with our series on Bankruptcy Schedules, today we’ll look at Schedule D, which is used to list all of the secured debts that you owe as of the date that you filed for bankruptcy. Secured debts are those that are secured by collateral, such as a car loan or a mortgage. By completing Schedule D, you will provide the court and your creditors with a detailed list of all the debts you owe that are secured by collateral. As a general matter, secured debts will not be discharged in a bankruptcy case. Therefore, if you intend to keep the property that serves as the collateral for a loan, then you’ll need to plan to continue to make payments on that debt after bankruptcy.
Step 1: Gather Information About Your Secured Debts
Before you can start filling out Schedule D, you’ll need to gather information about all of your secured debts. This may include car loans, mortgages, and other loans that are secured by collateral. Make sure to gather all relevant documentation, including loan agreements, billing statements, and any other documents related to your secured debts.
Step 2: List Your Secured Debts
Once you have all of the necessary information, you can start listing your secured debts on Schedule D. For each secured debt, you’ll need to provide the following information:
- Creditor’s name and address: This is the name and address of the creditor who holds the secured debt.
- Collateral description: This is a description of the collateral that secures the debt. For example, if you have a car loan, the collateral description would be the make and model of the car.
- Current value of collateral: This is the current value of the collateral that secures the debt. If you’re not sure about the value of your collateral, you can use online resources like Kelley Blue Book or NADA Guides to get an estimate.
- Amount of claim: This is the amount that you owe on the secured debt as of the date that you filed for bankruptcy.
Be sure to list each secured debt separately, even if you have multiple loans with the same creditor.
Step 3: Complete the Form
Once you’ve complied all of the information on your secured debts, you or your attorney will need to complete Schedule D. This includes providing your name, case number, and other basic information, as well as signing the form to certify that the information you’ve provided is true and accurate.
Step 4: Review and File
After you’ve completed Schedule D, review it carefully to make sure everything is accurate and complete. Once you’re satisfied with the form, you or your attorney will need to file it with the bankruptcy court, along with the rest of your bankruptcy paperwork. In conclusion, completing Schedule D is an important part of the bankruptcy process. By following these steps and seeking the guidance of a bankruptcy attorney if needed, you can ensure that your secured debts are accurately listed, and that your bankruptcy case proceeds smoothly.