Bankruptcy Basics – What are the Bankruptcy Schedules?

For most people who are not bankruptcy lawyers, bankruptcy is an unknown, complicated process filled with technical jargon and legal rules. Understanding some of the terms used in bankruptcy can make the process less intimidating. This post addresses important terminology surrounding some of the documents that are at the core of the bankruptcy process – the bankruptcy schedules.

What are the Bankruptcy Schedules?

In everyday usage, a schedule is a document that tells us when we need to be where – a list of events and times. However, the word “schedule” has a different usage in the legal context. In the law, a schedule is a list, table, or inventory that functions as an appendix to a document.

When a person decides to declare Chapter 13 or Chapter 7 Bankruptcy in California, they must provide a great deal of information about themselves, their debtors, and their assets to the court. The bankruptcy schedules are lists that provide this information to the bankruptcy court. These schedules accompany the bankruptcy petition that the person filing bankruptcy files with the bankruptcy court. Many of the details included in the schedules, such as property exemptions and monthly expenses, can have an important effect on the bankruptcy outcome. Omitting an item from one of the schedules could cause a bad faith dismissal of the bankruptcy, which can have serious consequences. Anyone filling out the bankruptcy schedules should consult with an experienced Bay Area Bankruptcy Attorney.

Here are some of the important schedules and what they list:

• Summary of Schedules – The summary of schedules is an overview of all of the assets and liabilities of the person who is filing bankruptcy. It captures much of the information included in the individual schedules below in a format that helps the lawyers, bankruptcy trustee, and the bankruptcy judge quickly assess the filing.
• Schedule A lists all of the real property (land, houses, and buildings) of the person filing bankruptcy. Schedule A includes the value of the real property, the type of interest held, and whether it is subject to a lien.
• Schedule B lists all of the personal property of the person filing bankruptcy. Schedule B lists subcategories of real property, such as cash, checking or savings accounts, household goods, and insurance policies.
• Schedule C is where the person filing bankruptcy lists the property that they claim for exemption. What you are able to exempt will depend in great deal on the type of bankruptcy you choose to file. For example, a person who files for Chapter 13 Bankruptcy may be able to claim some or all of the equity in their home.
• Schedule D lists each of the creditors that has a claim secured by a property interest in the bankruptcy filer’s property.
• Schedule E lists each of the unsecured creditors that has a priority claim to the property of a person filing bankruptcy. Priority claims include, for example, claims for child support or unpaid alimony.
• Schedule F lists each of the unsecured creditors that has a non-priority claim to the property of a person filing bankruptcy.
• Schedules G-J list the bankruptcy filer’s contractual obligations, any other debtors that are potentially liable for the bankruptcy filer’s debt, and details about the monthly finances of the bankruptcy.