Lesson 19: Schedules and Statements

Welcome to the wild and wacky world of bankruptcy law! Don’t worry; we’re here to make it simple and maybe even a bit fun.

As part of The Bankruptcy Code, the filing process includes the submission of various schedules and statements. These documents provide comprehensive details about the debtor's financial situation.

Note: Accurate and complete schedules and statements are crucial as they form the basis for the bankruptcy trustee's evaluation.

Types of Schedules

The schedules outline the debtor's assets, liabilities, income, and expenditures. Below are the primary types of schedules:

  • Schedule A/B: Lists real and personal property.
  • Schedule C: Lists property claimed as exempt.
  • Schedule D: Lists secured creditors.
  • Schedule E/F: Lists unsecured creditors.
  • Schedule G: Lists executory contracts and unexpired leases.
  • Schedule H: Lists codebtors.
  • Schedule I: Details current income of individual debtor(s).
  • Schedule J: Details current expenditures of individual debtor(s).

Statement of Financial Affairs

This statement requires the debtor to provide detailed information about their financial history, including income, payments to creditors, and lawsuits, among other things. The purpose is to give a complete picture of the debtor's financial condition.

Key Sections of the Statement

  • Income from employment or operation of business
  • Payments to creditors
  • Legal actions and administrative proceedings
  • Repossessions, foreclosures, and returns

Importance of Accuracy

Providing accurate and thorough information in schedules and statements is crucial. Inaccuracies or omissions can lead to delays, dismissals, or even allegations of bankruptcy fraud. For more on bankruptcy fraud, see Common Types of Bankruptcy Fraud.

Submission Process

Warning: The debtor must sign the schedules and statements under penalty of perjury.

The following diagram illustrates the process of submitting schedules and statements in a Chapter 7 bankruptcy case:

graph TD; A["Filing Petition"] --> B["Submit Schedules and Statements"]; B --> C["Review by Trustee"]; C --> D["341 Meeting of Creditors"]; D --> E["Final Decision"];

Below is a sample HTML representation of a schedule:



  
    
Schedule A/B: Property

    
List of Real and Personal Property

    

      

        Item
        Description
        Value
      

      

        1
        Primary Residence
        $300,000
      

      

        2
        Vehicle
        $15,000

For further reading, see Bankruptcy in the United States on Wikipedia. Additionally, consider checking out Bankruptcy Law for Students on Amazon for a deeper dive into the subject.

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