Filling out Schedules for Chapter 7

When you file for Chapter 7 bankruptcy, you will need to fill out “schedules,” which are documents that list all your income, expenses, assets, and liabilities. While your attorney will help ensure that these documents are filled out properly, here are brief summaries of each schedule and what they should include:- Schedule A – Your “real” property (mainly real estate), its approximate value, and any debts and loans secured by your home, such as home equity lines and mortgages.- Schedule B – Your personal property and its approximate value. This category may contain more than the average debtor realizes, so speak with your attorney for more information.- Schedule C – “Exempt” property which cannot be taken by the trustee to repay your debts; Illinois law provides specific guidelines regarding exempt property.- Schedule D – Debt which is “secured” by mortgages, car loans, collateral, etc. This schedule should also contain creditors’ names and addresses and the account numbers for debts owed.- Schedule E – Debt which is not dischargeable in bankruptcy, such as student loans, child support/alimony, and tax debts.- Schedule F – All other debts which are not listed in Schedules A through E, and these are usually debts that are not secured by collateral.- Schedule G – All executory contracts and leases, such as timeshares, to which you are subjected.- Schedule H – All “co-debtors” and the creditors to which you and the co-debtors owe debt. A co-debtor is also anyone legally attached to debts in Schedules D, E, or F.- Schedule I – Monthly income.- Schedule J – Monthly expenditures.If you are struggling financially and considering filing for Chapter 7 bankruptcy, you’re not alone. Contact an experienced bankruptcy attorney today for a free consultation.