When you file for bankruptcy, you must list your legal interest in your real estate. Here are some of the common types of property ownership.
When you file for bankruptcy, you have to list all aspects of your financial situation, including all of the property that you own. If you own real estateknown as real propertyyou'll also be asked to disclose your ownership interest using legal terminology.
Although this seems simple, you can hold property in different ways, including:
In this article, you'll find the definition of the most common types of property ownership, a well as other terms you'll need to know if you're considering bankruptcy.
Listing Real Property on Bankruptcy Forms
When you're filling out your bankruptcy forms, you'll need to describe all real estate that you own on Schedule A/B: Property of the official bankruptcy forms. You'll be asked to include:
It's the last point that stumps many people. Even though you don't have to fill in the ownership interest portion, it's always good to be complete.
Real Property Ownership Types
Here are some common ways to own real estate.
Other Important Real Property Terms
Most people will use one of the terms mentioned above to describe their real estate ownership interest. But, other situations can exist. Here are some terms that you're not likely to need, but, depending on your circumstances, you just might.
You'll find more useful bankruptcy terms in When Is a Bankruptcy Claim Contingent, Unliquidated, or Disputed?