Bankruptcy petition schedules

bankruptcy petition schedules

Nov 20,  · The bankruptcy schedules are actually a series of documents that every debtor (the person filing the bankruptcy case) prepares and files with the bankruptcy court. Together they form a snapshot of your financial circumstances on the day you file your case. These crucial documents form the backbone of the case. It also asks what Chapter you are filing, an estimate of your debts and assets, and whether you have filed a previous case in the last eight years. It must be signed by the debtor, under penalty of perjury, and by the lawyer or petition preparer. You can see a copy of a Petition by clicking here. The “Schedules” generally refer to the set of documents that have to be filed at the same time as the Petition or very . rows · Required Lists, Schedules, Statements, and Fees: Bankruptcy Forms: B Voluntary Petition for Non-Individuals Filing for Bankruptcy: Non-Individual Debtors: B Disclosure of Compensation of Bankruptcy Petition Preparer: Bankruptcy Forms: B Appearance of Child Support Creditor or Representative. bankruptcy petition schedules

Because Congress left it up to the legislature of the individual states to determine the property that debtors in bankruptcy cases could exempt from creditors, exemption law may vary from state to state.

In many states, a debtor may rely only upon the exemptions available under state law. The Commonwealth of Pennsylvania permits a debtor to elect the federal exemption scheme or Pennsylvania exemption law. After the selection of the appropriate exemption menu, careful application of each exemption is also very critical. In a chapter 13 case, the same mistake could mean that a debtor would be forced to pay a considerably higher amount of money each month. In schedule D, a debtor is called upon to list all secured creditors.

The two most common kinds of secured creditors for most consumers are mortgagees and vehicle lenders. However, certain tax claims including real estate taxes may also be secured obligations. Additionally, a creditor with a judgment against a debtor may also hold a secured claim. That is so because a judgment acts as an automatic lien on all real property that the judgment debtor owns in the property in which the judgment is entered.

A judgment may also form a lien on other property of the debtor if the judgment creditor has taken the necessary steps to perfect its lien before the filing of the bankruptcy case. The Bankruptcy Code gives priority to certain types unsecured claims.

Each priority claim is listed in order such that first priority claims must be paid in full before any second priority claim may be paid. The priority scheme is designed to provide protection to certain kinds of creditors. Thus, domestic support obligations, wage claims and certain kinds of taxes are designed priority claims and must be identified that way. Your Pittsburgh bankruptcy lawyer will help you correctly identify and classify priority claims.

An executory contract is one that has neither terminated nor expired and upon which substantial performance remains due from both parties. Just like an unexpired lease, an executory contract is a living, binding legal agreement. A clear explanation of the impact of rejection or assumption from a bankruptcy lawyer can make that difficult decision making process far easier. It is important to discuss joint liability during a candid conference with a bankruptcy attorney.

Debtors must disclose their income from all sources. Income information is important and, as entered in the means test, may impact a persons qualification for relief under chapter 7. A debtor must have a regular source of income in order to qualify as a debtor for a case under chapter It must be signed by the debtor, under penalty of perjury, and by the lawyer or petition preparer.

You can see a copy of a Petition by clicking here. They are much more detailed and require debtors to list real property, personal property, exemptions, the names and addresses of all secured and unsecured creditors, detailed income information and a detailed budget. The Means Test documents are also part of the initial package. The complete set of Schedules and other required documents can easily exceed 40 pages even for a simple case.

It is very important that these documents be completed fully and accurately, as debtors must sign them under penalty of perjury and certify they they are true and complete. You can see a list of these documents on the US Courts website , but keep in mind that all of these documents are not required in every case and the set of documents for a Chapter 7 case will be different than a Chapter 13 case.

Although many people believe these documents are merely fill-in-the-blank documents, and in a sense they are, it is very important that they be completed carefully. In many cases, I spend more time making sure the Schedules are correct than on any other matter in the case other than attending court.

If the Schedules are done properly and filed timely usually within two weeks of the filing of the case it makes the entire case go more smoothly. The case Trustee, creditors and sometimes the United States Trustee will review and rely on these documents, and any significant errors such as failing to list real estate, bank accounts, etc.

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