Bankruptcy Alphabet-S is for Schedules and Statements

In the world of Bankruptcy, there is a lot of paperwork required. The Bankruptcy Petition is composed of Schedules and Statements. Let’s review them.

         S is for Schedules and Statements

Photo by Leo Reynolds

As mentioned above, the Bankruptcy Petition is composed of a number of forms called Schedules and Statements.

First the Schedules:

Schedule A-Comprised of a listing of real estate the Debtor has an interest in.
 
Schedule B-Comprises all of the Debtor’s personal property of any kind. Yes, even Goldie the pet goldfish.

Schedule C-This lists the exemptions the Debtor claims on his property.

Schedule D-Lists all Secured Creditors of the Debtor.

Schedule E-Lists all Unsecured Creditors that hold a priority claim.

Schedule F-Lists all General Unsecured Creditors.

Schedule G-Lists all Executory Contracts and Unexpired Leases.

Schedule H-Lists all Co-debtors of particular debts belonging to the Debtor. This includes those who co-signed on loans.

Schedule I-Lists gross income, deductions and net income of the Debtor.

Schedule J-Lists the monthly expenses of the Debtor.

Now the Statements:

Statement of Financial Affairs-This form contains a variety of questions concerning the Debtor’s finances. It asks things like:

          -Debtor’s gross income from all sources within the last two years.

          -Whether Debtor has paid any single creditor or insider (relative or business partner) a certain amount of money within a certain time period to open up to a preference claim by the trustee.

          -Whether the Debtor is engaged in any lawsuits, garnishments, executions, attachments, and whether any property of Debtor has been seized within the last year.

          -Whether Debtor has transferred any property recently, provided any gifts to anyone, or has suffered any financial losses from fire, theft or other casualty.

          -Bank Account information and Business interests of the Debtor.

Statement of Intention-This form is used in Chapter 7 Liquidation cases to state the Debtor’s intent to keep certain property that has a lien against it by reaffirming the debt or redeeming the property.

In addition to the Schedules and Statements required in the Petition, often times, usually in Chapter 7 Liquidation cases, a Debtor will be required to provide a copy of their bank statement to the trustee assigned to their case which establishes the balance in the Debtor’s accounts on the date of filing.

Other Bankruptcy Lawyers talking about the Letter S include:

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