Bankruptcy Basics: What Are Schedules?

15 Apr Bankruptcy Basics: What Are Schedules?

When a person files for bankruptcy, they file a petition with the bankruptcy court.

The petition gives the overall information about the person: their name, other names used, certifies the amount of their debts, and tells the court whether they are a consumer or business debtor and which chapter of the U.S. Bankruptcy Code that the person is filing under.

Also with the petition, the person must file Schedules.

The Schedules list all the assets and liabilities of the person, now known officially as a debtor.

  • Schedule A lists real estate.
  • Schedule B lists all personal property.
  • Schedule C lists the exemptions allowed under the applicable state or federal law.
  • Schedule D lists all secured creditors.
  • Schedule E lists all priority creditors.
  • Schedule F lists all unsecured creditors.
  • Schedule G lists all Executory Contracts/Leases.
  • Schedule H lists any co-debtors.
  • Schedules I & J list the debtor’s income and expenses.
  • At the end of all those papers is a declaration, signed by the debtor, swearing that the Schedules are true.

The Schedules let the bankruptcy court know exactly what the financial condition is of the debtor and whether or not they have excess assets or extra income.

The Schedules are supposed to be completely, honestly, and accurately filled out by the Debtor. Filling out the schedules, especially Schedule C, can be a difficult job. No matter how tempting it might be to think that the Court won’t find out about that extra car in the backyard or the income from that second job, it is absolutely critical that the schedules be filled out completely. False answers can get a person charged with a federal felony.

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I'm a consumer protection lawyer in Oregon, working with people in Klamath; Lake; Jackson; Josephine; Curry; and Deschutes County. I speak regularly on bankruptcy and consumer protection issues nationwide.
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