When you file for Chapter 7 or Chapter 13 bankruptcy, you’ll have to complete and file a form called Schedule D: Creditors Who Hold Claims Secured by Property. On this form, you list all creditors who hold claims secured by your property.
(To learn about all of the forms you must file, see Completing the Bankruptcy Forms.)
You can find the most recent version of Schedule D on the U.S. Court’s website at www.uscourts.gov. To learn more about getting the official and other forms, see The Bankruptcy Forms: Getting Started.
In some cases, a creditor won’t loan you money unless you promise to give it property you own if you don’t make all of your payments. Often times the property you bought with the loan proceeds. These types of loans are called secured claims because if you don’t pay the debt, the creditor can take the property back. Some secured claims are debts for which you voluntarily pledge property as security (like a mortgage or car loan). Other secured claims are formed without your consent (for example, a tax lien or a judgment lien).
Creditors that hold claims secured by your property include:
Note that credit card debt is almost always unsecured, but there are some exceptions. To learn more, see When Credit Card Debt Is Secured.
If your property was repossessed or foreclosed prior to your bankruptcy filing, the amount you still owe is no longer secured. The remaining debt is not listed on Schedule D. Instead, the balance should be listed on Schedule E/F (Creditors Who Have Unsecured Claims).
Here are some general guidelines for completing Schedule D.
The first section asks whether you have secured creditors. Check the box that applies to you. If you check no, you’re done with this form.
If you have secured creditors, you’ll provide information about each debt in Part 1.
First column. The first column requires you to list three types of information:
Second column. The second column asks you to tell the court about five different types of information in the following order:
Third column. You’ll list the total amount you owe for this debt (the amount it would take to pay it off) in the third column, “Column A.”
Fourth column. In “Column B,” you’ll list the value of the “collateral.” Collateral is just another word for the property your creditor can take if you don’t pay your debt. In most cases, you’ll list the amount it would likely sell for.
Fifth column. Sometimes you owe more money than what the property is worth. If this is the case, list the amount you owe over-and-above the value of the property in “Column C.” This excess amount is known as the unsecured portion of the property. If you owe less than the value of the property, then you enter “0” because the entire amount is secured.
Sometimes others need to know you’re filing bankruptcy, too. For example, if you owe more than one person for a debt, or if a collection agency is demanding payment, you’ll list them in Part 2.
This article provides general information only. There are many legal issues involved and important decisions to be made when filing for bankruptcy. You must understand the entire This article provides general information only. There are many legal issues involved and important decisions to be made when filing for bankruptcy. You must understand the entire bankruptcy process, learn about the applicable federal and state laws, and determine how those laws will affect your particular situation before you complete the bankruptcy forms. If you want to file bankruptcy without a lawyer, use a good do-it-yourself book like Nolo's How to File for Chapter 7 Bankruptcy to ensure you make well informed decisions about your bankruptcy case.