deed in leiu - where to put?

[jribe]

Hi All,

I'm filing out my Ch7 BK paperwork. I had a timeshare that i didn't want to keep; and the company sent a deed in lieu of forclosure; so i signed and sent it back.

So now- i don't own the property anymore, and they are forgiving the amount owed (they could likely get more for the property than what i owed on it, but we couldn't sell it ourselves).

So- where do i put the debt? I figured i should list the money we owed- just because i haven't received paperwork back from them yet...

Any suggestions?

Thanks

[justbroke]

If it has indeed gone through, I would put in on Schedule F as an unsecured, unliquidated amount. Be sure to check "unliquidated" because you don't know the final amount. Since they haven't forgiven you yet (you used the future tense on "forgive")... I'd just list it as stated. I would put the amount in as $1.00 (indicating that there is something there).

If it hasn't gone through, I'd put it on Schedule A with your Secured Property and still mark it as "unliquidated". Put the value on the total mortgage balance in the amount column. I'd probably lien more towards listing it on Schedule A... especially if the deed hasn't actually been recorded before you file.

At least, that's what I would do.

[1qweenb]

I had the same thing

Hey I did the same thing for my timeshare, haven't heard anything from themso I included it in my bankruptcy, plus the deed doesnt include the fees so I put it on there. My lawyer said go ahead, if you think you owe them include it on your paperwork, so I did just that!