Scheduled Debts/Secured and Unsecured Creditors

At the time bankruptcy proceedings are commenced, all property (real and personal) of the debtor becomes part of the bankrupt estate. As noted below, certain property may be exempted from such proceedings or may, during the course of the proceeding, be determined burdensome or of inconsequential value to the estate and may be abandoned (released back to the debtor) during the bankruptcy proceeding. As part of the bankruptcy proceedings all debts of the debtor are to be listed in the bankruptcy records. Debts listed are thereafter referred to as scheduled debts. Those not listed are considered unscheduled debts.