Unscheduled Debt [Bankruptcy] Law and Legal Definition

An unscheduled debt in bankruptcy law means a debt that a debtor should have mentioned in the schedules filed before a court by him/her. Since the debt is not listed in the schedule it is called an unscheduled debt. It is a debt offered by a creditor without any assurance of payment such as a mortgage or lien. A creditor extends an unscheduled debt merely on the basis of creditor's assessment of the debtor's future ability to pay. Unscheduled debts may or may not be discharged. The discharge of an unscheduled debt largely depends upon the specific circumstances of each individual bankruptcy filing and other specific factors.