Schedule E/F – Unsecured Creditors

In addition to advising you about the financial consequences of bankruptcy-related decisions and helping you to make a plan for rebuilding your credit, I’ll also handle the more mundane aspects of your case, such as ensuring that all of your forms are filled out completely and accurately. Nearly all cases that are filed will include Schedule E/F, which relates to creditors who have unsecured claims against you. These would be creditors who have claims against your unsecured debts, which are not tied to a home or car as collateral. If you default on these unsecured debts, none of your property may be taken by creditors unless they file a lawsuit against you. The information about these debts and creditors will be detailed on Schedule E/F.


The Debts

Different types of debts are treated differently in bankruptcy, and some debts must be paid regardless of the chapter of bankruptcy that is filed. “Priority debts” must be paid, and this includes alimony, child support, and back taxes. If you’re a business owner who owes wages or benefit contributions to an employee, these debts are also priority. Contractors or business owners who rent property to others would need to pay back rental deposits or money for services that were never rendered or goods that were never delivered. Fines and claims related to driving under the influence of drugs or alcohol may also not be discharged in bankruptcy. All of these debts must be paid in full if you’re filing a Chapter 13 or out of any non-exempt assets/property if you’re filing a Chapter 7.

After priority claims are accounted for, remaining unsecured debts are considered non-priority claims, including credit cards, medical bills, utilities, etc. While student loans are also non-priority, they generally may not be discharged through bankruptcy unless you meet some very strict guidelines.

Schedule E/F must also include “unexpired leases” and “executory contracts.” These are debts that you are responsible for, but payments are not yet due. This would be bills such as cell phone contracts, cable/internet service, and apartment or home leases.


Details of the Form

We’ll work together on this form to make sure the required debts are included and listed in the correct spaces. This will help to ensure you don’t make any costly mistakes in your case.

Schedule E/F is broken into several sections. In Part One, you’ll list your priority debts along with the name and address of the creditor, to whom the debt belongs (if held jointly), whether it is considered a community debt, and if the total debt amount should be reduced based on extra payments you’ve made. You’ll also indicate the date the debt was incurred, the total owed, the last four digits of the account number, and if the debt was unliquidated, contingent, or disputed. We’ll go over the specifics of your case together so that you know how to list your debts.

Your non-priority debts belong in Part Two, broken down by alimony, child support, student loans, pension/profit sharing, or “other.” You can list any collection agencies you’re involved with in Part Three, as well as any unexpired leases or executory contracts. All of your debts are totaled in Part Four.


Financial Freedom is Near

These forms sound more complicated than they are, and I’ll be by your side as you complete all of the required documents for your case. You’ll have a complete list of all of your responsibilities, such as you credit counseling courses, and I’ll join you at your 341 meeting. In just a few steps, you’ll be on your way to financial freedom.