Bankruptcy Schedules: What Are They?
There are different types of bankruptcy filings, but all of them require the debtor to disclose their assets, liabilities, income, and expenses. This information is provided through bankruptcy schedules, which are a series of forms that must be completed and submitted to the bankruptcy court.
There are six bankruptcy schedules that are commonly used in both Chapter 7 bankruptcy cases and Chapter 13 bankruptcy cases. In this blog, we will explore what each bankruptcy schedule includes and provide links to relevant websites for further information.
Schedule A is used to list all of the debtor’s real property, which includes any land, buildings, or other structures that they own. This schedule requires the debtor to provide detailed information about each property, including its address, the date it was acquired, its current value, and any liens or mortgages that may be attached to it.
For homeowners, Schedule A will also include information about their primary residence, including whether they are current on their mortgage payments, and whether they have any equity in the property. If the debtor has additional real estate holdings, such as rental properties or vacation homes, these must also be disclosed.
Schedule B is used to list all of the debtor’s personal property, which includes any items that are not considered real property. This can include vehicles, furniture, electronics, jewelry, and other personal possessions.
Debtors are required to provide detailed information about each item on Schedule B, including its current value, any loans or liens that may be attached to it, and any exemptions that they are claiming to protect the property from being seized by creditors.
Schedule C: Property Claimed as Exempt
Schedule C is used to list all of the property that the debtor is claiming as exempt, which means that it is protected from being seized by creditors in a bankruptcy case. The exemptions that are available to debtors vary depending on the state in which they live.
Debtors must provide detailed information about each item of exempt property on Schedule C, including its value and the specific exemption that they are claiming to protect it. It is important to note that some exemptions are limited in amount, so debtors must carefully review the applicable exemption laws to ensure that they are properly claiming all of the exemptions that are available to them.
Schedule D: Creditors Who Hold Secured Claims
Schedule D is used to list all of the creditors who hold secured claims against the debtor’s property. A secured claim is one that is attached to a specific item of property, such as a mortgage on a home or a car loan.
Debtors must provide detailed information about each secured creditor on Schedule D, including the amount of the debt, the collateral that secures the debt, and the status of the debt (e.g. whether it is current or delinquent).
Schedule E/F: Creditors Who Hold Unsecured Claims
Schedule E/F is used to list all of the creditors who hold unsecured claims against the debtor’s property. An unsecured claim is one that is not attached to a specific item of property and does not have any collateral attached to it.
Debtors must provide detailed information about each unsecured creditor on Schedule E/F, including the amount of the debt, the nature of the debt (e.g. credit card debt, medical bills, personal loans), and the status of the debt (e.g. whether it is current or delinquent).
Schedule G: Executory Contracts and Unexpired Leases
Schedule G is used to list all of the debtor’s executory contracts and unexpired leases. An executory contract is one where both parties have not yet fully performed their obligations, such as a lease agreement or a service contract.
Debtors must provide detailed information about each contract or lease on Schedule G, including the name and address of the other party, the nature of the agreement, and the current status of the contract (e.g. whether it is in force or has been terminated).
It is important to note that debtors must continue to perform their obligations under executory contracts and unexpired leases unless they are rejected by the bankruptcy court. Debtors also have the option to assume or reject these agreements during the bankruptcy process.
In addition to the six bankruptcy schedules listed above, debtors may also be required to file additional forms and disclosures depending on their specific circumstances. For example, if the debtor is self-employed, they may be required to file additional forms to provide information about their business income and expenses.
It is important to note that bankruptcy schedules must be completed accurately and truthfully. Providing false or incomplete information on these forms can result in serious consequences, including the dismissal of the bankruptcy case or criminal charges for bankruptcy fraud.
If you are considering filing for bankruptcy, it is important to work with an experienced bankruptcy attorney who can guide you through the process and ensure that your bankruptcy schedules are completed accurately and truthfully. Bankruptcy can be a complex and overwhelming process, but with the right guidance and support, it can provide the relief that you need to get your finances back on track.
For more information about bankruptcy schedules and the bankruptcy process, the United States Courts website provides detailed information and resources for individuals and businesses considering bankruptcy. The National Association of Consumer Bankruptcy Attorneys is also a helpful resource for finding an experienced bankruptcy attorney in your area. Both of these websites provide a wealth of information about the bankruptcy process, including information about bankruptcy schedules, filing requirements, and legal resources. If you are considering filing for bankruptcy, I highly recommend consulting these resources and working with an experienced bankruptcy attorney to guide you through the process.