In the Federal Bankruptcy System, there are approximately 120 official and formal forms a bankruptcy filer or the court might be called on to fill out for a any particular reason. Filling these forms out can not only be time consuming, but one must understand the overall terms and concepts of bankruptcy in order to complete them properly. Here are some more common bankruptcy schedules with a short explanation for each that you will most likely have to use in filing most any type of bankruptcy:
Schedule A. A bankruptcy schedule used to describe all real property you own. You are asked to list all real property in which you have any legal, equitable, or future interest, including all property owned as a co-tenant, community property, or in which you have a life estate. The form asks the debtor to give a description and location of the property, nature of debtor’s interest in the property, current market value of the property, and the amount that is secured by the property.
Schedule B. A bankruptcy schedule used to generally describe what personal property you own at the time of filing. The form lists the type of property and asks for a full description, location and market value of the property.
Schedule C. This bankruptcy schedule is used to allow the debtor to list what assets they are claiming are exempt from the bankruptcy estate. The form asks the debtor to describe the property, list the exemption law for the property, state the claimed exemption value by law, and provide a fair market value of the property without deducting the exemption.
Schedule D. A form used to describe the nature, circumstances, and current status of any secured debts a creditor currently holds against the filing debtor. Complete detailed information about the debt is asked on this bankruptcy schedule including the current market value of the asset.
Schedule E. A bankruptcy schedule used to list all unsecured priority debt owed to creditors. You are required to list how much of the debt is priority debt for each debt listed, a description of the debt, identifying information, value of the debts, nature of the debts, current status of the debts, and the listing of other variables.
Schedule F. This bankruptcy schedule is used to list all unsecured non-priority debts owed to creditors. The form requires a description of the debt, identifying information, value of the debt, nature of the debt, current status of the debt, and the listing of other variables.
Schedule G. A bankruptcy schedule asking the debtor to list and describe any executory contracts or unexpired leases they may have entered into prior or at the time of filing.
Schedule H. A bankruptcy schedule asking the debtor to give information about any co-debtors involved with the filing debtor at the time of filing.
Schedule I. This bankruptcy schedule asks the filing debtor to provide detailed information about the possible income for joint filers and by every married debtor, whether or not there is a joint petition filed, unless the spouses are separated and no joint petition filed. The filing debtor is asked to speculate on increases and decreases in income within a year of the filing petition.
Schedule J. A bankruptcy schedule asking the debtor to list all living expenses at the time of filing. The form provides categories of expenses to place a value on and asks the filer to speculate on potential increases and decreases of expenses within a year of filing.
The listed bankruptcy schedules in this article are basic and should serve as an idea of how complicated bankruptcy laws can be. If you are in doubt as to whether you can accurately fill out these forms, contact a bankruptcy attorney for help. Failure to properly fill them out can lead to a dismissal of your case.
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