What must be included as an asset in a Chapter 7 filing?

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What must be included as an asset in a Chapter 7 filing?

I have filed for Chapter 7 and surrendered my car. A month later, my sister got a loan in her name so that I could have a car. It is collateral for the loan and the bank has the title but I registered the car in my name for convenience. It is worth as much as the loan. So it’s equally an asset and a liability but not exactly mine. Should I put it on the amended schedule, just because the registration is in my name? Is my debt compounding interest while I’m in bankruptcy procedures, and will this interest be discharged as well?

Asked on May 19, 2014 under Bankruptcy Law, Washington

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

Under federal law, all assets and liabilities of a debtor need to be placed in the bankruptcy schedule which includes the new car that you have written about which is in your registered name. Your debts accrue interest while you are in bankruptcy but if the petition is approved, your debts under Chapter 7 will all be discharged with the exception of secured and priority debts.


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