Ford Heights Bankruptcy Attorney Depicts The Schedules For Filing

Prior to filing a bankruptcy petition, the debtor meets with his attorney and assists the attorney in completing the bankruptcy petition and schedules.  The bankruptcy petition is nothing more than a request for relief, asking that his or her debts be forgiven and therefore wiped out.  The schedules consist of two parts in essence.  One part is schedules labeled A through J, which lists various things that I will cover in a second.  The second part, and other meaty part of the schedules, is the statement of financial affairs.  This is a catch all section of about 17 different questions for consumer debtors, where information that isn’t pertinent on the schedules labeled A through J is included.  The schedules labeled A through J for the most part consist of a review and listing of all interest in real property, all interest and personal property, all exemptions claimed under either state or federal law, all secure creditors, all priority or tax creditors, all unsecured creditors, all executory contracts and unexpired leases, all co-debtors, a listing of the debtor’s employment and monthly income, and a listing of the debtor’s monthly living expenses.  The statement of financial affairs is varied and includes such things as a declaration of all the debtor’s income over the three years, including the year of filing and the two years prior to the filing.  It lists any prior lawsuits or garnishments within the past two years.  It asks for a listing of prior addresses and whether or not the debtor maintains a safe deposit box.  It helps explore the debtor’s financial condition over the prior several years to help the trustee is his determination of assets or no assets.