What Are Bankruptcy Schedules?
Are you currently considering bankruptcy? Have you started to conduct some initial research into the bankruptcy process? If so, you have likely come across a wide range of terms that are important to know and to understand in relation to bankruptcy proceedings in South Florida. In conducting your own research into the bankruptcy process — which might have involved searches on the internet, or discussions with friends or family members — you may have come across the term “bankruptcy schedule” or “bankruptcy schedules.” Initially, you might have assumed that the term refers to a timeline of events for a bankruptcy case. This is an assumption many people make since they know the term “schedule” in other contexts. Indeed, according to the Oxford English Dictionary, one of the common meanings of “schedule” is “a timetable,” or “a program or plan of events, operations, etc.” Yet in the context of the Bankruptcy Code and U.S. bankruptcy law, the word “schedule” actually has a different meaning.
When the word “schedule” is used in the context of a bankruptcy case, it refers to a document that contains information that the court will need from the debtor — more specifically, financial information and details. Our West Palm Beach bankruptcy attorneys can explain in more detail.
Schedules Provide Essential Financial Information in a Bankruptcy Case
Bankruptcy schedules are separate documents that a debtor uses to provide the bankruptcy court with information about assets, liabilities, and other detailed information about property, debts, financial circumstances, and creditors. Bankruptcy schedules must be filed in addition to the initial bankruptcy petition. In addition, debtors filing for Chapter 7, Chapter 11, or Chapter 13 bankruptcy will also need to file a “Statistical Summary of Certain Liabilities and Related Data” along with their petition and schedules.
The debtor should plan to work with an attorney to complete all schedules, and to provide totals of the assets and liabilities identified. You should keep in mind that you need to identify all assets and liabilities here. If you leave information out, whether intentionally or not, it can impact your bankruptcy case.
Learning About Different Bankruptcy Schedules
How many bankruptcy schedules exist and what are they? In short, there are schedules A through J, beginning with real property and ending with current expenditures of the debtor. To ensure that you complete all required schedules for your case, be sure to discuss your circumstances with a bankruptcy lawyer in West Palm Beach.
Contact a West Palm Beach Bankruptcy Attorney
If you are considering bankruptcy in South Florida, it is important to get in touch with an experienced West Palm Beach bankruptcy lawyer at Kelley Kaplan & Eller who can assist you. Each type of bankruptcy has its own complications and nuances, and it is critical to work with an attorney who can ensure that you have met all of the requirements for your case, including submitting all necessary schedules and related documentation. Whether you are filing for Chapter 7 bankruptcy, Chapter 11 bankruptcy, or Chapter 13 bankruptcy, our firm is here to help you.
Sources:
law.cornell.edu/uscode/text/11
uscourts.gov/sites/default/files/b_6_summary_0.pdf
