Many people are confused about what bankruptcy schedules actually are and what role they play in a bankruptcy case. The simplest answer is that it is not actually a schedule of events, but actually a detailed overview of your financial situation.
When creating your bankruptcy schedules, you need to remember that honesty is important since omission of information could be considered perjury or bankruptcy fraud. There are 10 schedules that you need to remember.
- Schedule A: This covers real property that you own, including land, condominiums, timeshares, and houses.
- Schedule B: This schedule covers different items of personal property. Personal property includes things like jewelry, household appliances, bank accounts, cars, motorcycles, stocks, and bonds.
- Schedule C: This third section will outline the state and federal exemptions that could help you to keep your assets. It is a good idea to consult your attorney to determine what qualifies.
- Schedule D: This is where you need to list all your secured creditors, which are essentially all the debts that require you to have some form of collateral.
- Schedule E: In this schedule, you need to honestly list your priority debts, which are the ones you have to pay and that do not qualify for dismissal. These debts include things like some back taxes, child support, alimony, and other government debts.
- Schedule F: All your unsecured debts have to be declared in Schedule F. These debts usually qualify for discharge in a bankruptcy case and will include debts like personal loans, credit card debt, medical expenses, and other loans that don’t require collateral.
- Schedule G: If you have any lease agreements for cars or houses, or contracts that you have defaulted on they may be discharged in your bankruptcy case.
- Schedule H: If you have any co-signers and co-debtors (usually a spouse) on any loans or debts that you have, you need to list them in schedule H.
- Schedule I: In the 9th schedule, you will need to list all the income that you have for your household including child support payments, social security payments, pension payments, wages, and secondary sources or income.
- Schedule J: In the last schedule, you will need to list all of your household expenses, as well as the budget that you are living on.
Your bankruptcy attorney will help you to understand these bankruptcy schedules and file them correctly with the court.