Corash & Hollender, P.C.
718-442-4424

The U.S. Bankruptcy Court wants to know everything about you

You may have thought that making the decision to file for bankruptcy protection was the hard part of the process. After all, you make a valiant effort to meet your financial obligations, but they simply got out of control. You haven't had a moment's peace since you became unable to pay some or all of your bills, and debt collection efforts don't make it any easier.

When you decided to take advantage of this debt relief option, you had no idea the amount of information and paperwork that goes into it. This stems from the fact that the court wants to know as much about your financial situation as possible in order to determine whether to grant you a discharge. If you fail to provide everything, the court could dismiss the case.

The schedules are a critical part of the process

A good portion of the paperwork you will fill out when you file for bankruptcy includes the schedules. This is where you lay out your financial life for the court. Below is a brief outline of the schedules and what they include:

  • In Schedules A and B, you let the court know, in detail, what real and personal property you own. You also need to provide a value for each asset that is as accurate as possible.
  • In Schedule C, you tell the court what property you believe falls within the exemptions allowed under either federal or New York law. You may retain property up to a certain amount, but the trustee could sell property valued over the exemption amount to pay your creditors.
  • In Schedule D, you tell the court which of your creditors hold secured claims. For example, your mortgage loan lender and your auto lender fall into this category.
  • In Schedules E and F, you list creditors who don't have secured claims, including those who -- by law -- have priority over others. Non-priority creditors include medical providers and credit card companies, while those with priority include domestic support obligations (child support and alimony), student loans and taxes.
  • In Schedule G, you list any leases or contracts that haven't expired to which you are a party.
  • In Schedule H, you list co-debtors. These include people or entities that are also liable for debts you listed in your schedules.
  • In Schedules I and J, you list your income and your monthly expenses, respectively.

You also need to include a Statement of Financial Affairs, your means test and other documents the court requires you to file. As you can see, filing for bankruptcy includes a lot of paperwork, but you shouldn't let that stop you from filing. Instead, you could make use of the legal resources in your area to help ensure that you provide all of the information the court needs in order to give you a fresh start financially.

No Comments

Leave a comment
Comment Information
Arrange a Free Consultation Now ยป

Free Initial Consultation - Credit Cards Accepted

The secret to our success is that we care about our clients. Contact us online or call our law firm at 718-514-9512.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Visit Our Office / Connect With Us / Review Our Firm

1200 South Avenue, Suite 201
The Corporate Park Of Staten Island
Staten Island, NY 10314

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

7317 13th Avenue
Brooklyn, New York 11228

Phone: 718-442-4424
Fax: 718-273-4847
Map & Directions

silawfirm.com

Leave a review

Review Us
Back to Top