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

Comments

Post a Comment

Popular posts from this blog

Phantom Debt Collection Scams on the Rise in Illinois

Have you been contacted by a person claiming to be a debt collector who is seeking to recover a debt you allegedly owe? If so, you are not alone. According to a recent report from CBS Chicago , such parties claiming to be debt collectors are on the rise, and they are scamming Chicago-area residents. These alleged debt collectors are part of schemes known as “phantom debt collection scams,” since they involve the attempt to collect on a debt that the consumer does not actually owe. How can you avoid becoming a victim in a debt-collection scam ? What should you do if you have been targeted by a fake debt collector? How Do Phantom Debt Collection Scams Work? Now, you might be thinking to yourself: I would never agree to make payment on a debt that I did not owe. But the scam is not always that simple. Parties at the center of debt-collection scams often target consumers who do actually owe debts (to someone or to some entity), and they prey on the fact that these c...
Read more

Payday Lending and Predatory Lenders in Illinois

If you are in substantial debt in the Chicago area and are living in a paycheck-to-paycheck cycle, you may have taken out a payday loan to make ends meet. While payday lending is illegal in a number of states due to the predatory nature of these loans, it remains legal in Illinois. As a result, many debtors in the state have used payday lenders, and far too many of those borrowers cannot repay what they owe. According to a recent article from Progress Illinois , consumers have filed complaints about payday lenders in the state, illuminating a need for federal rules that address harmful lending practices . Predatory Payday Lenders and Protections for Consumers Due to the perceived predatory nature of payday loans, twelve states in the country have banned these lenders from operating completely, according to a fact sheet from loans.org . The states that currently have laws prohibiting payday lenders from operating include Arkansas, Arizona, Connecticut, Georgia, Mary...
Read more

New Information on Debts That Bankruptcy Cannot Discharge

If you are thinking about filing for bankruptcy in the Oak Park area, it is important to know that certain kinds of debts cannot be discharged in a bankruptcy case. Under U.S. bankruptcy law, these are known as non-dischargeable debts, or exceptions to discharge. There are certain types of debts that have long been identified clearly as non-dischargeable debts, while there are misconceptions about other types of debts that may or may not be dischargeable. As an article in CNBC discusses, the U.S. Supreme Court recently issued a ruling in the case of Bartenwerfer v. Buckley , which clarifies that debts incurred due to another party’s fraud cannot be discharged in an individual’s bankruptcy case. Our Oak Park bankruptcy attorneys can explain the Court’s recent ruling and provide you with additional information on dischargeable and non-dischargeable debts. Supreme Court Says Debt Incurred Due to Another’s Fraud is Non-Dischargeable The recent Bartenwerfer case involved a debtor attempti...
Read more