One of the most important questions to ask yourself prior to filing for bankruptcy is what are the bankruptcy schedules? These crucial documents form the backbone of your bankruptcy petition and require you to provide a large amount of information to the court. Learn about the different types of bankruptcy schedules.
Bankruptcy Schedule A requires that you list all of your real property. Real property means land, houses, and buildings. You must list the physical address of your real property, for example: 123 Elm Street, Pretendville, Pretend State 55555. You must also state the value of the real property and the amount of any secured claim, meaning any lien against the property (this includes your mortgage). Finally, you must state how the property is legally held. It is quite unusual for a property to be held as anything except for “fee simple,” which means that you wholly own the property
On the Schedule B, you must list all of your personal property. This Schedule, unlike the Schedule A, has listed categories numbered 1 through 35. It would not be an understatement to say that you must list everything you own on Schedule B. In fact, you are required to list every knick knack and item that you own. The categories guide you so that you can think about what sort of property you have. For example, category 7 refers to furs and jewelry. Remember to include even intangible property, such as stocks and retirement plans. You must also state the value of the property.
Schedule C is where you make your claims of exemption. Essentially, you must write down what exemption law permits you to keep your various real and personal property. Any property that has value and is not exempted will be seized and sold by the bankruptcy trustee in a Chapter 7. It is best to consult an attorney regarding your claims of exemption as this schedule can be very complicated to complete.
Schedule D requires you to list all of your creditors that hold secured claims. A secured claim is when a creditor has an interest in your property. This property is called collateral. For example, when you purchase a house with a loan from a mortgage company, the mortgage company obtains a lien on your house, the collateral. Therefore, a mortgage company has a secured claim against you. You must list the creditor’s name, address, when the debt was incurred, the amount of the debt, and the amount of the debt that is unsecured. The unsecured portion is determined by subtracting the value of the collateral from the amount of the total debt.
Schedule E requires you to list all of your unsecured creditors that have priority claims. A priority claim is defined by bankruptcy laws and includes taxes and domestic support (e.g., child support) debts.
Schedule F similar to Schedule E, requires you to list all of your unsecured creditors that have non-priority claims. Non-priority claims include all of your other debts, such as credit cards and medical bills.
You must list all of your executory contracts and unexpired leases on Schedule G. An executory contract is one that is partially unperformed, such as if you have paid an artist to paint your portrait, but the artist has yet to actually create the art. List each unexpired contract and lease, including the names and addresses of all involved parties. You must also describe the nature of the contract or lease.
Schedule H refers to any co-debtors that you may have. In this schedule, list any individuals or companies that are also liable on any of the debt that you have listed in your schedules. For example, if only you are filing for bankruptcy, you should list your spouse as a co-debtor, as they may be liable on many of your debts.
Schedules I and J
These schedules permit you to give the court a glimpse into your monthly finances. Schedule I requires that you list your monthly income from all sources and total that income. Schedule J is a similar totaling and categorization of your monthly expenses.