When filing for bankruptcy, you should list all your assets. Let us include a list of your assets without even knowing them. However, you can omit from the list, if you do not have those assets. However, the following must be included in the list of assets:
– All real property owned by you including time share assets.
– All of your personal property including the furniture, electronic goods, office furniture, computers, rings, jewelry, furs, personal belongings, household goods, cars, clothes, cash, retirement funds, bank accounts, accrued net wages, and tax refunds to which you may be entitled.
-Any lawsuits in which you are plaintiff and expected to get money more than $16,500 in Nevada.
What are your encumbered assets?
Assets pledged as collateral on a loan are called encumbered assets. When you buy a car or home on borrowed money, which even includes your washer and dryer, the lender would complete a financing documents which perfects the secured transactions. In other words, you even after filing bankruptcy, cannot keep such property. The lender can simply come and take over after the expiry of the automatic stay. In bankruptcy, a claim is secured to the extent that it is backed up by the collateral. If you cannot make the required payments on a secured claim, the creditor has a right to take it back from you. However, you can redeem it or reaffirm it if you promise to continue making such payments.
That simply means assets on which there is no lien at all, and the debtor’s equity in assets that is collateral for such property is non-existent. As a debtor in bankruptcy, you can keep unencumbered assets to the extent they are exempt under federal or Nevada exemptions. The surplus can be surrendered at the trustee’s want if they quickly liquidate and apply to your unsecured creditors.