Legal Question in Bankruptcy in California

There is no right or wrong way to list the property (different Trustee's may have a different opinion on this issue), so long as you are open and honest and disclose all interests in the property. For example, you could list in Schedule A the equitable interest, and in Schedule B the interest in the LLC as well as the interest in the Trust. Alternatively, you could just list the LLC interest in Schedule B and add a note that: (1) the LLC has a value of $X based upon its ownership of a property worth $X; and (2) the LLC is in an offshore trust. Alternatively, you could just list the offshore trust in Schedule B and add a note that the offshore trust holds all interests in an LLC, which LLC owns a property worth $X. Of course, you will list all liens against the property in Schedule D. The worst that could happen is that the Trustee could ask you to amend the papers to his/her liking, which you cannot predict (their liking) because it may be a personal opinion of the individual Trustee. THE IMPORTANT THING is that the Trustee cannot hold any hostility towards you, or sanction you, because you have fully and honestly disclosed all interests in the property. Amir Aalam