Basics of the Bankruptcy Schedules

Understanding the bankruptcy schedules is important to any bankruptcy chapter

As you go through the bankruptcy preparation process, you'll hear a lot of about the bankruptcy schedules. No, this is not a schedule of when you'll be expected to go to court. And, it is not a chart showing your property or your debts. The bankruptcy schedules are actually a series of documents that every debtor (the person filing the bankruptcy case) prepares and files with the bankruptcy court setting forth information about debts, income, expenses and other bits of financial information as it appears on the day the debtor filed the case. These crucial documents form the backbone of the case. Learn about the different types of bankruptcy schedules.

Schedule A

Schedule A/B: Real and Personal Property. Getty Images

Bankruptcy Schedule A/B, Official Form 106 A/B, requires that you list all of your real property and all your personal property.

Real property means land, houses, and buildings. You must list the physical address of your real property, for example: 123 Elm Street, Pretendville, Pretend State 55555. You must also state the value of the real property and the amount of any secured claim, meaning any lien against the property (this includes your mortgage). Finally, you must state how the property is legally held. It is quite unusual for a property to be held as anything except for “fee simple,” which means that you wholly own the property.

It would not be an understatement to say that you must list all your personal property, everything you own that is not real estate, on Schedule A/B. In fact, you are required to list every knick knack and item that you own. The categories guide you so that you can think about what sort of property you have. For example, category 7 refers to electronics. Remember to include even intangible property, such as stocks and retirement plans. You must also state the value of the property. More

Schedule C

Schedule C: Exemptions. Getty Images

Schedule C, Official Form 106C, is where you make your claims of exemption. Essentially, you must write down what exemption law permits you to keep your various real and personal property. Any property that has value and is not exempted will be seized and sold by the bankruptcy trustee in a Chapter 7. It is best to consult an attorney regarding your claims of exemption as this schedule can be very complicated to complete. More

Schedule D

Schedule D: Secured Debts. Getty Images

Schedule D, Official Form 106D, requires you to list all of your creditors that hold secured claims. A secured claim is when a creditor has an interest in your property. This property is called collateral. For example, when you purchase a house with a loan from a mortgage company, the mortgage company obtains a lien on your house, the collateral. Therefore, a mortgage company has a secured claim against you. You must list the creditor’s name, address, when the debt was incurred, the amount of the debt, and the amount of the debt that is unsecured. The unsecured portion is determined by subtracting the value of the collateral from the amount of the total debt. More

Schedule E/F

Schedules E/F: Unsecured Debt. Getty Images

Schedule E/F, Official Form 106E/F, requires you to list all of your unsecured creditors, including those with priority, like taxes and domestic support obligations, and those that are non-priority, like credit cards and medical bills. 

Schedule G

Schedule G: Leases and Executory Contracts. Getty Images

Schedule G, Official Form 106G, lists all your executory contracts and unexpired leases G. An executory contract is one that is partially unperformed, such as if you have paid an artist to paint your portrait, but the artist has yet to actually create the art. List each unexpired contract and lease, including the names and addresses of all involved parties. You must also describe the nature of the contract or lease.

Schedule H

Schedule H: Co-Debtors. Getty Images

Schedule H, Official Form 106H, refers to any co-debtors that you may have. In this schedule, list any individuals or companies that are also liable on any of the debt that you have listed in your schedules. For example, if only you are filing for bankruptcy, you should list your spouse as a co-debtor, as they may be liable on many of your debts.

Schedule I

Schedule I: Income. Getty Images

Schedule I, Official Form 106I, sets forth all of your income. 

Schedules J

Schedule J: Expenses. Getty Images

Schedule J, Official Form 106J, is a list of your monthly expenses. 

Statement of Financial Affairs

Statement of Financial Affairs. Getty Images

Statement of Financial Affairs, Official Form 107, although not a Schedule per se, is a list of questions that cover your financial dealings over the period two years, including whether you have transferred any property, suffered any loses, hold any bank accounts or safe deposit boxes, marital status, lawsuits, etc.