Difference Between Real Property and Personal Property?

private property

The basic definition of real property is that real property is anything that is attached to the land. The most common real property dealt with in chapter 7 bankruptcy is your house, but it could also include such things as vacation homes, additional land, rental property, etc. Any real property that you own will need to be listed on Schedule A of your chapter 7 bankruptcy petition. You will need to indicate (1) whether you own the real property jointly or individually, (2) the full fair market value of the real property, and (3) whether there is a secured claim on the real property (i.e., a mortgage).

Personal property is generally defined as any property that is not attached to the land/ground. You will need to list all of your personal property on Schedule B of your chapter 7 bankruptcy petition. You will need to indicate (1) a general description of the personal property, (2) where the personal property is (if it’s not in your possession), and (3) the current market value (not the purchase price). If you are married, you will need to determine what personal property is titled in whose name, especially for vehicles. Finally, any causes of action (i.e., lawsuits) that you are involved should be listed on Schedule B of your chapter 7 bankruptcy. If you do not list the lawsuits, you may cause yourself problems with being able to pursue the lawsuits or being able to keep money recovered in the lawsuits.