by Adam Mack
WHAT IS REAL PROPERTY
First of all, I would like to make sure it is clear what I mean by real property. As a broad definition, real property or real estate is your land and any permanent, fixed, and immovable improvements on the land, like a house. It is important to note that this does NOT include modular, mobile, or manufactured homes, even if they are permanently attached to a foundation.
HOW DO I LIST MY REAL PROPERTY ON THE BANKRUPTCY SCHEDULES
As stated elsewhere, you list your real property on Schedule A. However, it is important to note that there are some best practices you should follow when listing your property. First of all, if it is your primary residence, then you should list it as your “Homestead”. This will make it clear that when you exempt this property under the homestead exemption that you are asserting that the particular property you are listing has the special legal status of being a homestead.
Another best practice is to describe your homestead real property on both Schedules A and C by both its commonly known address as well as the property’s legal description. This is especially helpful if you end up trying to sell, refinance your home, or do anything else that will require title work or title insurance on your property. After your bankruptcy is filed, as long as there are not objections to the exemptions you claimed on your bankruptcy (i.e. the homestead exemption), then your exemptions will be allowed, which means you get to keep that property. If you want to sell your house later, then having the property description in listed on both schedules will make it clear to the title researcher that you have the authority to sell that property.
Another benefit to filing a Kansas bankruptcy is that in some cases you can avoid a judgement lien on a piece of real estate. However, if you have not used the legal description when listing the property on Schedules A and C, then it may be difficult to for a title research to confirm that the judgement liens have been properly avoided.
HOW DO I DETERMINE THE PROPERTY DESCRIPTION OF MY REAL PROPERTY
Generally speaking, the property description can be found on the most current deed on file with the Register of Deeds office in the county where your real property is located. However, I feel compelled to warn you that determining a property description is an extremely complicated process that requires special training to do properly. So, if you choose to use the property description on your deed, you need to understand that you are assuming it was done correctly. So, if you do use a description you found on a previously drafted deed, you do so at your own risk.
THE MOST IMPORTANT PART
It is critical to remember that by considering bankruptcy you are embarking into a field of law that is complex and technical. You should seek the guidance of a qualified and experienced bankruptcy lawyer before moving forward with your case.
These articles are for general informational use and do not constitute legal advice. Since laws change over time, it’s possible some articles are out of date and for that reason, we make no representation that the articles are fully accurate. For actual, up-to-date legal advice (including a free consultation), please contact us!