If you are filing for bankruptcy, one of the most important parts of the process is filling out the schedules in full detail. Financial advisors suggest that you are over inclusive when listing your assets. It’s better to list too many things then to forget important items and need to go through the hassle of amending your schedules later on. There are a variety of different schedules that you will need to deal with, and it’s best to have a bankruptcy attorney by your side to walk you through the process. Since this is probably your first time declaring bankruptcy protection, you will want advice from someone who has gone through the process numerous times before as a legal representative.

The first schedule you will need to work on is form A. This is where you will list all of your real property. In addition to your home, this will include all land, buildings, and other real estate. You will want to give the addresses of your properties as well as their current value. You may need to receive an appraisal in order to provide the most accurate information on your schedules. You must also list any secured claims on this schedules and how the property is legally held. In most cases, properties are held fee simple, meaning that you own the property. You will also want to include any vacation homes, and property that you own jointly.

Then there is Schedule B. This is the most detailed of all the schedules, and is where you will list all of your personal property. This is everything from your watch to your bedroom furniture to your dishware and everything in-between. It is essential that you don’t leave things out, because this could cause tension in the future when you appear in court. On your schedule, there will be 35 categories. All of your property will fall under one of these categories, so it will help you to organize the items and make sure that they are not forgotten. For example, one category will require you to list all furs and jewelry. Another will ask you to list intangible property like a retirement plan or stocks. You will also need to state values for all of this property. Again, a bankruptcy attorney is helpful here, and you may want to get valuables appraised to get a definitive value.

Next, you will have to fill out Schedule C, which is where you will make your claims of exemption. On this schedule you need to write down what exemption law permits that you keep various items. If you want to hold on to your car or an heirloom that has been in the family for generations, this is where those requests are made. Any property that is not exempted will be seized and sold by your bankruptcy trustee if your file for a Chapter 7 bankruptcy. Because exemption claims can be complicated, it’s best to have an attorney help you. After this, you will need to handle Schedule D, which is where you will list all creditors and debts. You need to be detailed when filling out this schedule, and make sure that you include every single debt.

Some creditors will also go on Schedule E, especially if they are a priority claim. You will want to talk to your lawyer to determine which creditors belong on this list, and which creditors should be on Schedule F instead. Here, any non-priority claims like credit card debt and medical bills will be listed. On Schedule G, you will list all your executor contracts and unexpired leases. This means that you want to list things that have not yet been completed but that you have paid for. If you are involved in contractual agreements, but have yet to see your end of the bargain upheld, you will want to list this. Sometimes, the courts will go after these debtors to reimburse you, and the money will go towards satisfying your own debts.

Next, you will move onto schedule H. On this schedule, you will refer to any c-debtors that you have. This means that any people who are also liable for the debt that you have listed in the schedules will need to be referred to. If you are only filing for bankruptcy, then your spouse is a co-debtor. This is because he or she probably jointly purchased a lot of the expenses. Co-debtors can also be family members, friends, business partners, or anyone else that you made an arrangement with. Finally, you will complete your bankruptcy paperwork by filling out schedules I and J. Both of these will permit you to give the court a glimpse into your monthly finances. That way, they can understand how much income you make and all the sources that contribute to that income. This will be listed on schedule I, and then organized in a different categorization on schedule J.

As you can see, bankruptcy is a very detailed process. In order to gain the protection that you need, you will want to hire a bankruptcy attorney that can take care of the paperwork and the legal issues for you. When it comes to determining your assets and liabilities, a bankruptcy lawyer will be there to help. Use this directory to find a reliable attorney near you that can offer advice and service from the day that you file to the day you exit protection.