Bankruptcy Schedule D
List all of your secured debts in Schedule D
Schedule D is part of a series of documents that a debtor files with the bankruptcy court. It is formally called "Official Bankruptcy Form 106D," or "Schedule D - Creditors Who Have Claims Secured by Property." Unlike unsecured debts (medical bills, credit cards, etc.), secured debts have collateral, like cars and houses. The creditor has a lien on your property, or a right to seize the property if you fail to pay your loan or otherwise default on the obligation. Similar to the other bankruptcy schedules, it is essential to a successful bankruptcy to correctly and completely fill out Schedule D.
You can access the official Schedule D form here. You can fill it out on the US Court's website, but you can't save it there. Be sure to download it to your computer after you've filled it out.
What Is a Secured Debt?
Before you begin filling out Schedule D, you must determine which of your debts might be a secured claim. Secured claims include car loans and mortgages, but they can also include loans to purchase other "big ticket" items like a boat or equipment for your business. It can also include retail purchases, like appliances, furniture, and jewelry. Some retailers routinely take a security interest in your purchase. This is common at electronics and furniture stores. Assure sign is that long often double sided receipt you signed.
If a creditor sued you and obtained a judgment, the judgment is considered a secured debt because it gives the creditor certain rights in your property.
Some liens arise by law just because of their nature. For instance, if someone remodels your house or provides the materials for the project, that person has a lien on your property until you pay what you owe. This is called a mechanic's or a materialman's lien.
Filling Out Schedule D
Schedule D is divided into questions and parts.
Question 1: This questions asks whether you have any secured debts. Check "no" if you don't. If you do, check "yes" and continue on to Part 1.
For each debt you'll list information that identifies the creditor and describes the debt.
List the name of your secured creditor and its contact information. Use the payment address is necessary, but it's better to look on your statement of your contract for the "bankruptcy," "inquiry," or "customer service" address.
Describe the Collateral
List a description of the collateral: For example, "2010 Toyota Prius," or "residential property at 100 Elm Street, Dallas." or "John Deere tractor."
Which Debtor is Liable?
Mark the box for each debtor which debtor is liable on the loan.
Do You Take Issue with the Creditor?
You can mark if you dispute whether you owe the debt, if the debt is contingent (like a guarantee that you'll pay if the primary obligor doesn't, or if the debt is unliquidated (you don't know the amount.)
Type of Lien
Here you'll mark the type of lien. See the explanation above to determine the type of lien on your debt.
List for each debt
- the balance,
- the value of the collateral, and
- the unsecured portion. If you owe more than the collateral is worth, this is amount above the value. For instance, if your car is worth $10,000, but you owe $12,000 on it, the unsecured portion is $2,000.
How To Determine the Value of Collateral
Your attorney can help you figure out how much your collateral is worth. For a house it is often sufficient to list the value on your county tax rolls. You cal also use a recent appraisal or a broker's price opinion. For a car, there are many online services like NADA, Edmond's, and Kelley that you can access for free. Likewise for boats, RVs and some equipment. It's a bit more difficult to estimate the value of household furniture and appliances because there isn't a standard value. You may have to guess and later negotiate with the creditor on the value, if necessary.
If you need to notify anybody else connected with these debts, you'll enter their contact information here. Include bill collectors and law firms here.
To learn about other documents filed in a bankruptcy case, visit Basics of the Bankruptcy Schedules.
Updated by Carron Nicks November 2017.