What is the difference between real property and personal 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.

Basically, personal property is everything except real property (land and buildings). 

Personal property for a business would include manufacturing equipment, office furniture and equipment, computers and peripherals, and vehicles purchased and used by the business, and, basically, everything that isn't "nailed down." In other words, personal property is movable, while real property is not. 

Types of Personal Property 

Tangible personal property is personal property that can be felt or touched. Tangible personal property includes furniture, business equipment, vehicles, household goods, collectibles, and jewelry.

Intangible personal property is personal property that cannot be felt or touched. Intangible personal property includes securities, bonds, CD's, and other intangible assets. Intellectual property - patents, copyrights, trademarks/service marks - is considered personal property because it can be bought and sold or licensed.

Listed property is a specific type of personal property. It consists of property that can be used for either business or personal reasons. For example, if you drive a car for business, you 

Personal Property and Business Loans

Business property can be used to provide security for a business loan. Either real property (land and buildings) or personal property can be used as collateral for a loan.