Bankruptcy requires detailed disclosure of the debtor’s financial information. The following forms must be completed to file a bankruptcy case: 

Voluntary Petition

A bankruptcy case is opened by filing a petition under one of the chapters of bankruptcy. The petition lists the debtor’s name and address, prior names used, information about prior or pending bankruptcy cases, etc.

Summary of Assets & Liabilities and Certain Statistical Information

Total dollar amount of all assets and liabilities.

Schedule A/B – Property

Schedule A discloses all real property in which the debtor has an interest, such as a full title or fee simple interest, equitable or future interests, life estates, etc.

Schedule B disclosed all personal property, such as furniture, clothing, jewelry, sporting equipment, bank accounts, retirement accounts, potential compensation from lawsuits, etc.

Schedule C – The Property You Claim as Exempt

The exemption schedule is used to list all property the debtor claims as exempt to protect the property from liquidation.

Schedule D – Creditors Who Hold Claims Secured By Property

Secured debts are debts secured by collateral, such as mortgage and a car loan. Schedule D is used to disclose detailed information pertaining to all secured creditors, including name, address, description of the collateral and amount of claim.

Schedule E/F – Creditors Who Have Unsecured Claims

Unsecured debts are debts not secured by property, such as credit cards, medical bills, utility bills, taxes, student loans, judgments, etc. Unsecured claims are divided into priority claims and non-priority claims. If there are assets to be distributed to creditors, they are distributed on a priority basis, with priority creditors getting paid ahead of non-priority debts. For example, income taxes and student loans are priority debts, so they would be paid before credit cards, medical bills, or judgments.

Schedule G – Executory Contracts and Unexpired Leases

Executory contracts are contracts which have not been performed by the time of the bankruptcy filing, such as rental agreements, phone service contract, service provider contracts, timeshare contracts, internet/cable contracts, insurance policies. Unexpired leases are leases that are still in effect, such as car leases, apartment leases, etc. Any leasehold interests in real property or motor vehicles, as well as any contracts to be performed must be listed on Schedule G.

Schedule H – Your Co-debtors

The debtor must disclose the name and address of anyone who has co-signed on the Debtor’s liabilities or is jointly liable on the debtor’s liabilities.

Schedule I – Your Income

The income schedule contains information about the debtor’s marital status, dependents, employment information, and income.

Schedule J – You Expenses

On Schedule J, the debtor must disclose detailed information of the current monthly expenditures of the debtor and the debtor’s family, including rent or mortgage payments, utility and home maintenance expenses, expenses for food, clothing, laundry, medical and dental, transportation, insurance and taxes, domestic support obligations, etc.

Declaration About An Individual Debtor’s Schedules

By signing the declaration under penalty of perjury, the debtor declares that he/she has read the summary and schedules filed with the declaration and
that they are true and correct.

Your Statement of Financial Affairs

This form is a series of questions about debtor’s financial affairs, such as purchases, transfers, lawsuits, etc. over a period of 10 years.

Statement of Intention for Individuals Filing Under Chapter 7

In bankruptcy, the debtor can retain or surrender property encumbered by debts and unexpired personal property leases. With respect to such property, the debtor would have to indicate whether he/she wants to surrender, reaffirm, redeem, or exempt collateral securing the debts.

Chapter 7 Statement of Your Current Monthly Income

Unlike Schedule I, which discloses your income, the State of Your Current Monthly Income is calculation of the debtor’s average income in the 6 months before bankruptcy.

Chapter 7 Means Test Calculation

If the debtor’s current monthly income is above the median income, the debtor will have to complete the means test calculation. This calculation involves reducing the current income by living expenses and certain debts. The left-over amount (called disposable income) determines whether there is a presumption of abuse, such as you should be filing under Chapter 13, rather than Chapter 7.

Your Statement About Your Social Security Numbers

This form disclosed to the court the debtor’s full Social Security number or federal Individual Taxpayer Identification number.

To compete these forms, among other things, the debtor will need the following documents:

  • Copies of pay stubs for the past 6 months

  • Tax returns for the last 3 years

  • Mortgage statements

  • Car loan statements

  • Monthly bills

  • Bank account statements for the past 3 – 12 months

  • Credit reports

  • Title search on real estate property

  • Titles to motor vehicles

  • Credit card statement

  • Outstanding judgment and lawsuits

How can we help?

The amount of financial disclosure required for bankruptcy filing can be overwhelming. The careful preparation of bankruptcy schedules is critical for successful bankruptcy. Sometimes, the timing of bankruptcy filing alone can determine whether the debtor will qualify for Chapter 7, whether the debtor will discharge certain debts, and whether the debtor will retain certain property.

At Anna Handy Law Firm, P.A., we are acutely aware of the financial strain of our clients. We do not charge you for the initial phone consultation. We do not push you to file bankruptcy to get a retainer. We don’t judge – we find solutions. We give you honest advice about your options and rights, including the “doing nothing” approach. As such, we offer very affordable bankruptcy fees. We make our fees competitive and in certain cases, we offer payment plans to address each case individually as each case has a different set of circumstances. 

If you are overburdened by your debts, being sued or harassed by creditors, or subject to wage garnishment, do not hesitate to call us now for a free initial phone consultation. The attorney’s direct business cell phone number is (386) 248-3000. You may also email us at [email protected].