Schedules

Schedule A: Real Property

Schedule A is where you disclose any ownership interests you have in real property.

Schedule B: Personal Property

In Schedule B, you must list all of your personal property (property other than real estate

Schedule C: Property Claimed as Exempt

Schedule C is where you list and claim your exemptions for each of the assets listed in your petition

 

Schedule D: Creditors Holding Secured Claims

Schedule D is where you list all of the secured claims encumbering your property.

Schedule E: Creditors Holding Unsecured Priority Claims

Certain types of debt (called priority claims) are not dischargeable in bankruptcy. Common examples include certain taxes and domestic support obligations such as alimony or child support. You must list these claims on Schedule E.

Schedule F: Creditors Holding Unsecured Non-Priority Claims

Schedule F is where you list all of your general unsecured debts such as credit cards, medical bills, personal loans, and other debts that don’t belong in Schedules D or E.

Make Sure to List All Remaining Debts
You must disclose all of your debts in your bankruptcy schedules even if you want to repay them.
Deficiency Balances After Foreclosure or Repossession
If a secured lender forecloses on or repossesses your property, it will typically sell it at an auction to satisfy its debt.

Schedule G: Executory Contracts and Unexpired Leases
Executory contracts and unexpired leases are those contract into which you and a lender have entered and to which both parties are still obligated.

Common examples of contracts and leases that should be disclosed on Schedule G include:
• car leases
• rental agreements and real property leases
• license agreements
• contracts to buy or sell real estate, and
• personal property leases.
What Happens to Executory Contracts and Unexpired Leases in Bankruptcy?
When you file for bankruptcy, your rights under the contract become property of the bankruptcy estate.

Schedule H: Codebtors
If you have codebtors on any of your debts, you must list them on Schedule H.
Schedule I: Your Income
When you file for Chapter 7 bankruptcy, you must inform the court about your approximate monthly budget.
Schedule J: Your Expenses
Schedule J works with Schedule I to give the court details about your monthly budget.
Statistical Summary of Certain Liabilities and Related Data
This form provides the court with a summary of the types of debt you have as well as your income and expenses.
Declaration Concerning Debtor’s Schedules
After you complete your bankruptcy schedules, you must declare that they are true and correct to the best of your knowledge by signing this form.

 

Chapter 7

Chapter 7 bankruptcy is a court-supervised process that allows individuals to eliminate their personal liability for most types of debt and receive a fresh start. It is also the most common type of personal bankruptcy filed in the United States.
In order to qualify for Chapter 7 bankruptcy, you must first pass the means test(discussed below). However, even if you pass the means test, the court may still determine that you are not eligible for Chapter 7 bankruptcy if your budget shows a significant amount of disposable income each month.
The Statement of Financial Affairs is an extensive form that provides information to the court about your financial dealings. On the Statement of Financial Affairs, you must disclose things like your gross income from all sources for the last two years, recent payments to creditors, lawsuits you are involved in, prior foreclosures and repossessions, transfers of property, closed bank accounts, and information about your business. The Statement of Financial Affairs is a lengthy and complicated form. Review each question carefully to make sure you answer it accurately.
If you have secured debts, executory contracts, or unexpired leases, the Statement of Intention is where you tell the court and the creditor what you intend to do with the property and the debt. For secured debts, you must indicate whether you intend to keep or surrender the property. If you want to keep the property, state whether you wish to redeem it or reaffirm the debt.
In order to qualify for Chapter 7 bankruptcy, your disposable income must be low enough to pass the means test. The means test compares your average gross monthly income for the six-month period prior to bankruptcy against the median income for a similar household in your state.
If your income is below the state median, you automatically pass and don’t have to fill out the entire form. However, if your income is above median, you have to complete the whole form and disclose your expenses to see whether you qualify.
After you file your bankruptcy, the court will notify you of the date and location of your meeting of creditors (also called the 341 hearing). The meeting of creditors is a mandatory hearing where the trustee and your creditors can ask you questions under oath about your financial affairs and the information disclosed in your bankruptcy petition.
Your meeting of creditors will typically be scheduled for 20 to 40 days after your filing date. If you fail to attend the meeting of creditors, your case will likely be dismissed without a discharge of your debts. As a result, if you can’t make it to your 341 hearing, you must notify the trustee immediately.

 

 

Meeting of Creditors

 

 

Your meeting of creditors will typically be scheduled for 20 to 40 days after your filing date. If you fail to attend, your case will usually be dismissed without a discharge of your debts. As a result, if you can’t make it to your 341 hearing, notify the trustee immediately

Chapter 13

 

In Chapter 13 bankruptcy, your monthly budget goes hand in hand with your proposed repayment plan.
Schedule J: Your Expenses
Schedule J is where you list your monthly expenses. The expenses listed on Schedule J are subtracted from your average income on Schedule I to give the court an idea of your monthly net income.

Summary of Schedules
Once you complete Schedules A through J, you must summarize the totals on this form. This gives the court and trustee a snapshot of your entire financial situation.
Statistical Summary of Certain Liabilities and Related Data
This form provides the court with a summary of the types of debt you have as well as your income and expenses.
Declaration Concerning Debtor’s Schedules
By signing this form, you declare that your bankruptcy schedules are true and correct to the best of your knowledge.

Statement of Financial Affairs
The Statement of Financial Affairs is a lengthy form that has numerous questions regarding your recent financial dealings.
Chapter 13 Statement of Current Monthly Income and Calculation of Commitment Period and Disposable Income
If you have secured debts, executory contracts, or unexpired leases, the Statement of Intention is where you tell the court and the creditor what you intend to do with the property and the debt. For secured debts, you must indicate whether you intend to keep or surrender the property. If you want to keep the property, state whether you wish to redeem it or reaffirm the debt.
Notice to Individual Consumer Debtor Under § 342(b)
The purpose of this form is to provide information about services available to you from credit counseling agencies, the types of bankruptcy available to individuals, and what can happen if you commit a bankruptcy crime

Chapter 13 Repayment Plan
In Chapter 13 bankruptcy, you propose a plan to pay back some or all of your debts over the next three to five years. Your repayment plan is one of the most important forms you must complete. But it is also the most complicated. The vast majority of debtors will need the assistance of an attorney to complete the plan.
Statement of Social Security Number(s)
Because bankruptcy is a financial proceeding, it is tied to your social security number and will appear on your credit report.
Creditor Mailing List
In addition to completing the forms listed above, you will need to prepare a creditor mailing list (also called a creditor matrix) for the court before filing your case. The court uses the creditor matrix to send notice of your bankruptcy to all of your creditors. This is very important in Chapter 13 bankruptcy because your creditors will file claims with the court to get paid through your repayment plan.

What Happens Next?
After you file your bankruptcy, the court will notify you of the date and location of your meeting of creditors (also called the 341 hearing). The meeting of creditors is a mandatory hearing where the trustee and your creditors can ask you questions under oath about your financial affairs and the information disclosed in your bankruptcy petition. If your repayment plan is confirmed (approved), you must make monthly payments to the trustee until it is paid off before you can obtain a discharge.

 

Bankruptcy Chapter 7 vs Bankruptcy Chapter 13

Properties
Many Chapter 7 debtors keep all or most of their property.
Petitioners with significant equity or assets that are not exempt by law could lose them to satisfy some debts.

Time Frame
A typical Chapter 7 bankruptcy case takes three to four months to complete.

Basics 
A Chapter 7 bankruptcy will discharge most types of unsecured debt.
The trustee will sell any significant nonexempt property in order to repay your creditors.

Basics
In Chapter 13 bankruptcy, you repay your creditors (some in full, some in part)
through a Chapter 13 repayment plan.

Time Frame
The Chapter 13 payment plan lasts three or five years (depending on your income).
At the end, many of your unsecured debts will be discharged.

Properties
No property is liquidated under a Chapter 13 bankruptcy.

Homeowners
Chapter 7 can temporarily stop foreclosure, but unless you can get current on your mortgage, the foreclosure will eventually continue.

Eligibility:
Chapter 7 is available to those whose income is less than the median of their state, or those who can pass the means test.

Eligibility:
Chapter 13 has no income requirement, but unsecured debt must be below $383,175 and secured debt below $1,149,525.

Homeowners
Chapter 13 can stop a foreclosure and you can make up  past due mortgage payments through your repayment plan.

Your Income:
Some high income earners won't be eligible for Chapter 7.

Filing Complexity:
Filing for Chapter 7 involves preparing a large set of forms and navigating some tricky legal issues, but simple cases can be done pro se - that is, without hiring an attorney

Filing Complexity:
Chapter 13 bankruptcy involves submitting a repayment plan to the court, and will almost always require hiring an attorney to complete successfully.

Your Income:
Chapter 13 requires a regular income for the monthly payment.

Bankruptcy Chapter 11 and Bankruptcy Chapter 12

 

Chapter 11 and Chapter 12 are similar to the Chapter 13 repayment bankruptcy, but designed for specific debtors.
Chapter 11 bankruptcy is another form of reorganization bankruptcy that is most often used by large businesses and corporations. Individuals can use Chapter 11 too, but it rarely makes sense for them to do so.
Chapter 12 bankruptcy is designed for farmers and fisherman. Chapter 12 repayment plans can be more flexible those in Chapter 13. In addition, Chapter 12 has higher debt limits and more options for lien stripping and cramdowns on unsecured portions of secured loans.