Bankruptcy Schedules A Through C

Anyone who is thinking about bankruptcy and is learning more about different consumer bankruptcy processes has likely come across information about bankruptcy schedules. While the term “schedule” in other contexts refers to a timeline or listing of events, bankruptcy “schedules” are something different. Under the Bankruptcy Code, rather than referring to a timeline of events in a bankruptcy case, schedules are actually different documents that contain various personal and financial information that will be necessary for the bankruptcy court to have and to consider in your bankruptcy case. These schedules typically are filed alongside the bankruptcy petition or just afterward. Schedules are identified by letter, and there are schedules A through J for consumer bankruptcy cases.

Whether you are filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will need to identify the schedules that must be completed and filed in order for your bankruptcy case to move forward and, ultimately, for you to receive a discharge of eligible debts. Our Oak Park bankruptcy lawyers are here to help. In the meantime, the following information explains how Schedules A through C work and the general content of these relevant schedules.

Schedule A

The information contained in Schedule A is usually a description of real property that you own. Real property includes your primary residence, as well as any other real property such as a business property, land, a second house, a vacation home, or rental property. When you complete Schedule A, you will also need to include information about outstanding mortgages and liens against any of the properties listed.

Schedule B

Schedule B is another document where debtors provide information about property, but this time the document includes personal property other than real property. Generally speaking, this is the document where you tell the court about any property you have aside from homes or buildings or land, which includes, for example, household items, clothing, retirement accounts, and bank accounts. You must also provide the value of each item of personal property.

Schedule C

Exemptions are the information contained in Schedule C. Here, you will rely on Illinois law (and assistance from your bankruptcy lawyer) to determine which of your assets are exempt, and you will list them here. You must identify all exemptions you plan to claim here. There is a long list of possible exemptions that you can claim under Illinois law. It is important to be clear that you must rely on Illinois state exemptions — rather than federal exemptions — when you file for Chapter 7 or Chapter 13 personal bankruptcy in Illinois. Although some states allow debtors to choose between federal or state exemptions, Illinois does not allow you to choose. Rather, you will need to use state exemptions.

Contact an Oak Park Bankruptcy Lawyer

Do you have questions about required schedules in your consumer bankruptcy case, or do you need assistance with your bankruptcy case? Our experienced Oak Park bankruptcy attorneys routinely represent consumers in Chapter 7 bankruptcy and Chapter 13 bankruptcy cases, and we can speak with you today and can answer your questions. Contact the Emerson Law Firm to learn more.



See Related Blog Posts:

Can Chapter 13 Bankruptcy Save My Home?

Top Kinds of Debt That Can Be Discharged in a Consumer Bankruptcy Case

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