Bankruptcy Schedules G Through J
Filing for personal bankruptcy is a complicated process, and there is a wide range of documents that must be completed and submitted to the bankruptcy court at different points in time. Beyond merely filing a petition for Chapter 7 bankruptcy or for Chapter 13 bankruptcy, you will need to provide the court with evidence of completing two different financial education courses, and you will also need to supply detailed information about your assets and your debts. The primary way that the bankruptcy court will obtain initial information about your property (including assets and liabilities), as well as about your financial circumstances, is through a series of “schedules” that you will file. Whether an individual is filing under Chapter 7, Chapter 13, or even Chapter 11, these schedules are relevant to them.
Schedules in the context of bankruptcy do not refer to timetables or a program with an order of events. Rather, these are documents through which a debtor must supply financial information. The U.S. Courts provide a summary of schedules. In general, Schedules A through C concern the property of the debtor, and D through F concern creditors of the debtor. Here, we will explain what information goes into Schedules G through J.
Schedule G: Executory Contracts and Unexpired Leases
Schedule G is where debtors must provide information about executory contracts and unexpired leases. What are executory contracts and unexpired leases? These are two separate things, so we will explain each separately. An executory contract is a specific kind of contract where both of the parties to the contract still have performance (in other words, both parties still have to do something to uphold their end of the contract). An unexpired lease is simply a lease where the terms are still ongoing, such as a motor vehicle lease for a car you are currently leasing or a condo lease for the place where you are living.
Schedule H: Codebtors
In Schedule H, you will need to list any co-debtors associated with your debts and lines of credit.
Schedule I: Current Income of Individual Debtor(s)
When you are filling out Schedule I, you will need to list all of your current income. Here, you will give details about your current employment and your monthly income. You will also need to provide your average monthly pay if it varies from month to month. If you have more than one source of income, you will need to be sure to list all sources of income. You will also need to provide your spouse’s income details.
Schedule J: Current Expenditures of Individual Debtor(s)
Current expenditures in Schedule J means your current average monthly expenses. You should provide information about your dependents, your housing and utility costs, food costs, medical expenses, transportation expenses, recreation expenses, and anything else where you spend money each month.
Contact an Oak Park Bankruptcy Lawyer
Beyond schedules, individual debtors should also speak with an attorney about filing a “Statistical Summary of Certain Liabilities and Related Data,” as well as how to supply evidence to the bankruptcy court of the information contained in the schedules. An experienced Oak Park bankruptcy attorney at our firm is here to help you. Do not hesitate to get in touch with us to discuss the details of your consumer bankruptcy case. Contact the Emerson Law Firm today to get started.
See Related Blog Posts:
Bankruptcy Schedules A Through C
Bankruptcy Schedules D Through F
Schedules in the context of bankruptcy do not refer to timetables or a program with an order of events. Rather, these are documents through which a debtor must supply financial information. The U.S. Courts provide a summary of schedules. In general, Schedules A through C concern the property of the debtor, and D through F concern creditors of the debtor. Here, we will explain what information goes into Schedules G through J.
Schedule G: Executory Contracts and Unexpired Leases
Schedule G is where debtors must provide information about executory contracts and unexpired leases. What are executory contracts and unexpired leases? These are two separate things, so we will explain each separately. An executory contract is a specific kind of contract where both of the parties to the contract still have performance (in other words, both parties still have to do something to uphold their end of the contract). An unexpired lease is simply a lease where the terms are still ongoing, such as a motor vehicle lease for a car you are currently leasing or a condo lease for the place where you are living.
Schedule H: Codebtors
In Schedule H, you will need to list any co-debtors associated with your debts and lines of credit.
Schedule I: Current Income of Individual Debtor(s)
When you are filling out Schedule I, you will need to list all of your current income. Here, you will give details about your current employment and your monthly income. You will also need to provide your average monthly pay if it varies from month to month. If you have more than one source of income, you will need to be sure to list all sources of income. You will also need to provide your spouse’s income details.
Schedule J: Current Expenditures of Individual Debtor(s)
Current expenditures in Schedule J means your current average monthly expenses. You should provide information about your dependents, your housing and utility costs, food costs, medical expenses, transportation expenses, recreation expenses, and anything else where you spend money each month.
Contact an Oak Park Bankruptcy Lawyer
Beyond schedules, individual debtors should also speak with an attorney about filing a “Statistical Summary of Certain Liabilities and Related Data,” as well as how to supply evidence to the bankruptcy court of the information contained in the schedules. An experienced Oak Park bankruptcy attorney at our firm is here to help you. Do not hesitate to get in touch with us to discuss the details of your consumer bankruptcy case. Contact the Emerson Law Firm today to get started.
See Related Blog Posts:
Bankruptcy Schedules A Through C
Bankruptcy Schedules D Through F
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