Schedules

What is Schedules pertaining to bankruptcy? When filing a petition, Schedules is perhaps one of the most important aspects of the procedure you need to pay attention to. These are essentially forms that need to be filled up to provide the authorities with a better understanding of your financial position. This is a huge determining factor in whether or not your petition will be granted.

Schedules

Following are the different types of Schedules:

    • Schedule A

This schedule is concerned with any or all real properties you own. Information required includes the address of the property, the value of the property, and any debts using the said property as a security. You must also indicate whether you own the property completely or if it is a conjugal property or owned with several other people.

    • Schedule B

Schedule B is all about personal property such as jewelry, cars, machinery, and the like. Unlike Schedule A, Schedule B has a detailed list of categories where your assorted personal property can fall into. Hence, you only need to remember what you own and write them down in the proper category as well as any other particulars asked for such as the value of the item.

    • Schedule C

This includes any exemptions you have a right to by law. In simple terms, Schedule C asks for a list of items that you are not compelled to sell in order to pay off your liabilities.

    • Schedule D

This requires you to write all the secured claims you have and the creditors you owe them to. Essentially, these are the claims attached with collateral such as car loans and home loans.

    • Schedule E

This schedule asks for a list of unsecured creditors falling under Priority Claims. There’s an extensive list of Priority Claims which generally include alimony, child support, taxes, payment to employees, and others.

    • Schedule F

This deals with Non Priority Unsecured Claims. Excellent examples would be credit card debt and medical bills.

    • Schedule G

This requires you to list all executory contracts and any leases that are unexpired to your name.

    • Schedule H

If you have any co-debtors or if there are other people liable for the debts you’ve mentioned in the previous schedules, this is the time to write them all down. Be specific as to the name, nature, and extent of their liabilities in the claims.

    • Schedule I

Schedule I is a summary of your monthly regular income. In here, you’ll list down all your money sources and total their amount for the viewing of the court.

    • Schedule J

This final schedule deals with your expenses. Specifically, it requires you to list down any expenses you incur in a given month and total them in the bottom.

Using all these information, the court can determine whether bankruptcy is really your last resort. A formula is often consulted to see if you have disposable income at the end of the month and whether this income can be appropriated for the payment of debts. If not, then the court may grant a discharge and schedule for a repayment plan, depending on your Bankruptcy Chapter. Keep in mind: you should NEVER lie in your schedules.

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