On Schedule E/F of the bankruptcy petition, you list all unsecured claims. Learn more. By Cara O'Neill, Attorney. A Chapter 7 or Chapter 13 bankruptcy starts when you file a completed packet of official forms with the bankruptcy court. On Schedule C of the bankruptcy petition, you list all of the property you claim is exempt. By Cara O'Neill, Attorney. Updated: April 2, When filing for bankruptcy, one of the many forms you must complete is Schedule C: The Property You Claim as Exempt. Schedule C is where you list all of the legally exempt property that you want to keep. Schedule I: Your Income; Attorney Forms; Bankruptcy Forms; Superseded Bankruptcy Forms; Civil Forms; Criminal Forms; Court Reporter Forms; CJA Forms; Human Resources Forms; Jury Forms; Other Forms; Bankruptcy. Bankruptcy Basics; Filing Without an Attorney; Credit Counseling and Debtor Education; Trustees and Administrators; Approved Bankruptcy.
Related videosFilling out your Bankruptcy Schedules
The key is to read each item suggestion and answer to the best of your ability. You do not want to fail to list an asset. Take plenty of time with this section. It can mean the difference between filing a Chapter 7 or a Chapter It could mean the difference between keeping property and losing property. Schedule C Schedule C applies the Federal or state laws, called exemptions, which protect said property up to a certain dollar amount.
Your lawyer will have the expertise to determine if any of your property will be at risk, thus, non-exempt. In the overwhelming majority of bankruptcy cases, debtors keep all of their property. Schedule D Schedule D asks that you list all of your secured debt. Secured debts are debts that are linked to some form of property. For example, your mortgage company would be a secured creditor since they hold a lien against your home.
Your auto lender would be a secured creditor since they have a lien on your auto. Furniture purchased on credit purchase money security interest would also be secured. Recent tax debts and domestic support obligation debts would be the type, among others, that are listed here as priority debts.
Your lawyer will be able to assist in the placement of these creditors because it can be tricky. In a Chapter 7 case, it is not as crucial as in Chapter In a Chapter 13 case, all priority debts must be paid in full.
Your attorney will want to separate priority tax debts from non-priority tax debts. It can make a huge difference. This is also where the majority of your debts will land. Examples of unsecured debts are credit card debts, medical bills, personal loans, utilities and auto deficiencies. When in doubt, list everyone and anyone that you can think of that you may owe money to.
It is better to be overbroad than too narrow in this schedule. This will come in handy later when your wish to clean up your credit report. Schedule G Schedule G asks that you list all co-debtors that you have regarding your debts. For example, if your sister co-signed for the car that you are keeping, she must be listed on this schedule.
You will need a complete address for the co-debtor. It is a violation of the law if you do not list that co-debtor. Schedule C, Official Form C , is where you make your claims of exemption. Essentially, you must write down what exemption law permits you to keep your various real and personal property. Any property that has value and is not exempted can be seized and sold by the bankruptcy trustee in Chapter 7. It is best to consult an attorney regarding your claims of exemption as this schedule can be very complicated to complete, and making a mistake can have disastrous consequences.
Schedule D, Official Form D , requires you to list all of your creditors that hold secured claims. A secured claim is when a creditor has an interest in your property.
This property is called collateral. For example, when you purchase a house with a loan from a mortgage company, the mortgage company obtains a lien on your house, the collateral. Therefore, a mortgage company has a secured claim against you. The unsecured portion is determined by subtracting the value of the collateral from the amount of the total debt. You're even required to list personal loans from friends and relatives. Schedule G, Official Form G , lists all your executory contracts and unexpired leases.
An executory contract is one that is partially unperformed, such as if you have paid an artist to paint your portrait, but the artist has yet to actually create the art. List each unexpired contract and lease, including the names and addresses of all involved parties. You must also describe the nature of the contract or lease.
Schedule H, Official Form H , refers to any co-debtors that you may have. In this schedule, list any individuals or companies that are also liable on any of the debt that you have listed in your schedules. For example, if only you are filing for bankruptcy, you should list your spouse as a co-debtor, if she or he is liable on any of your debts. 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.