Summary of Your Assets and Liabilities and Certain Statistical Information

All of the paperwork that you complete in order to file bankruptcy becomes a comprehensive packet that will be submitted to the court trustee for review. I’ll save you time and work by only including the necessary forms for you to complete, and some of the forms will even be auto-filled based on the information we discuss, simply requiring a signature. This combination of forms will give the court everything they need to know about your income, property, assets, debts, and living expenses. Using this information, they’ll know how to handle your case.  To give the court an overall view, we’ll complete the “Summary of Your Assets and Liabilities and Certain Statistical Information.”

Basic Forms

In order to complete this summary form, we’ll first need to complete a series of other forms, including Schedule A/B: Property, Schedule D: Creditors Who Have Claims Secured by Property, Schedule E/F: Creditors Who Have Unsecured Claims, Schedule I: Your Income, and Schedule J: Your Expenses. Depending on which chapter you’re filing, you’ll also need to fill out the Chapter 7 Statement of Your Current Monthly Income or Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period. [LINK bold items] Using the totals from each form, we’ll complete your Summary form.

Schedule A/B summarizes your assets, and we’ll transfer your real property, personal property, and total property values onto the summary form. Schedule D lists your liabilities, such as secured, unsecured, and unsecured non priority claims, along with your total claims, and we’ll transfer totals to your summary. Schedules I and J will include all of the information we’ll need concerning your monthly income and expenses.

On the summary form, you’ll also need to provide some information for administrative and statistical purposes. You’ll also indicate if your debts are primarily consumer debts or if they are business related. Schedule E/F will also give us some of the information we’ll need to complete the required statistical questions.

Every form you complete will need to be backed up with supporting documents. In general, you’ll need documents to demonstrate your situation for the six months leading up to your bankruptcy filing. You’ll also need to provide your most recent tax return and basic documents to tell the court about your property and/or assets. As you complete all of your forms and gather your documents, you’ll have a list of what you’ll need, so that nothing is missed and you’re fully prepared for your 341 meeting.

Headed to Freedom

By the time we’re ready to complete summary forms, you’ll be relieved that your bankruptcy proceedings are nearly finished. After all of your documents are submitted and you’ve met with the court trustee during your 341 Meeting, your last step will be to complete your online post-filing credit counseling course. Debt relief is just around the corner. If you filed a Chapter 7, your debt will be discharged very soon, and if you filed a Chapter 13, you’ll soon begin making reduced payments on your debts, which will lead to a discharge in three to five years.

 

 

 

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