Bankruptcy schedules are not timelines for advancing bankruptcy. They are forms, like the schedules you might add to your tax return if you have any unusual sources of income or if you want to itemize your deductions. You must provide information about all aspects of your financial life on these forms, including debts, properties, income, and expenses.
Schedule A
Schedule A/B, Official Form 106A/B, requires you to list all of your real and personal property.
Real property generally means land and buildings. You must state the actual address of your real property, such as 123 Elm St, Pretendville, Pretend State 55555. You should also mention the value of the property and any secured claims against it. Secured claims create liens on the property, such as your mortgage.
You must specify how the property is held legally. Do you have an interest in it with other individuals who are not filing for bankruptcy? Do you have a partial interest or less than full ownership in it? For example, you might own it with someone else as joint tenants. In this case, each of you would own 50% of the property.
Personal property generally includes everything you own that is not real estate. This does not stop at vehicles and bank accounts. Technically, you should mention everything, even small items like household tools, laundry towels, and soup cans in your pantry, but it’s safe to say that no one goes to that extent. The categories on the form guide you regarding what is required.
Yes, you should include even intangible assets, such as stocks and retirement plans. You should also specify the value of the assets.
Schedule C
Schedule C, Official Form 106C, is where you can claim exemptions. Federal and state laws allow you to exempt certain values from some assets from bankruptcy proceedings. You must write down what the law allows you to keep from the real and personal property you do not want to give up.
Any non-exempt property of value can be seized and sold by the bankruptcy trustee in a Chapter 7 proceeding.
Note: Chapter 7 involves the discharge or liquidation of all debts after the sale of all non-exempt property to pay creditors as much as possible. Chapter 13 involves entering a repayment plan supervised by the court to repay debts over a period of years.
It is advisable to consult an attorney regarding your exemption claims before submitting this form, as it can be very challenging to complete and requires some knowledge of the law.
Schedule D
Schedule D, Official Form 106D, requires you to list all creditors holding secured claims. A secured claim is one where the creditor has a legal right to take your property if you default on the loan associated with it. The property acts as collateral for the loan. For example, a mortgage company gets a lien on your home when you buy it with a loan. The mortgage company has a secured claim against you and can initiate foreclosure proceedings if you fail to pay your mortgage payments or comply with other terms in your mortgage contract.
You must state the name of the creditor and their address, the due date of the debt, the amount of the debt, and the amount of the unsecured portion. The unsecured portion is determined by subtracting the value of the collateral from the total debt amount.
Schedule E
Schedule E, Official Form 106E, lists any co-signers you have for the joint debts. Include any individuals or other companies that are also responsible for any of the debts you have listed on your schedules. For example, you should mention your spouse as a co-signer if they are responsible for any of your debts, and you are the only one filing for bankruptcy. You should also mention if a family member helped you by co-signing a loan with you.
Schedule
Schedule I
Schedule I, Official Form 106I, lists all of your income sources. You must also include your spouse’s income if you are married, even if you did not file for bankruptcy together. It is not limited to wages or salary or tips. You must also include any income from freelance work or businesses you might own, income from investments, any family support or assistance you receive, unemployment compensation, and even Social Security benefits.
Schedule J
Schedule J, Official Form 106J, lists all of your monthly expenses, including rent or mortgage, utilities, groceries, insurance, childcare costs, family support, and transportation. Anything you regularly spend money on should be mentioned here.
Statement of Financial Affairs and Means Test
The Statement of Financial Affairs, Official Form 107, and other forms like the “Means Test,” are not schedules, but are essential for filing a bankruptcy petition. The Statement of Financial Affairs is a list of questions that cover your financial transactions over the past two years, including whether you have transferred any property or experienced any losses, any bank accounts or safe deposit boxes you may have, your marital status, and any lawsuits you may be involved in.
The Means Test is a calculation that compares your income and expenses to those of other people in your state, based on family size. It determines whether you qualify for a “straight” bankruptcy under Chapter 7 (where your debts will be discharged) or whether you have enough disposable income to file for Chapter 13 bankruptcy instead and repay your debts over time.
Your local bankruptcy court may have additional forms that you are required to submit.
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Sources:
- HG.org Legal Resources. “Joint Tenancy in Real Estate.”
- United States Courts. “Schedule A/B: Property.”
- United States Courts. “Schedule C: The Property You Claim as Exempt.”
- United States Courts. “Chapter 7—Bankruptcy Basics.”
- United States Courts. “Schedule D: Creditors Who Have Claims Secured by Property.”
- United States Courts. “Schedule E/F: Creditors Who Have Unsecured Claims.”
- United States Courts. “Schedule G: Executory Contracts and Unexpired Leases.”
- United States Courts. “Schedule H: Your Codebtors.”
- United States Courts. “Schedule I: Your Income.”
- United States Courts. “Schedule J: Your Expenses.”
- United States Courts. “Statement of Financial Affairs for Individuals Filing for Bankruptcy.”
- United States Department of Justice. “Means Testing.”
Source: https://www.thebalancemoney.com/basics-of-the-bankruptcy-schedules-316222
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