Table of Contents
- Schedules and Statements: What You Must Disclose
- What Are Bankruptcy Schedules and Statements?
- A Breakdown of Each Schedule
- Schedule A/B – Property
- Schedule C – Property You Claim as Exempt
- Schedule D – Secured Creditors
- Schedule E/F – Unsecured Creditors
- Schedule G – Executory Contracts and Unexpired Leases
- Schedule H – Co-Debtors
- Schedule I – Income
- Schedule J – Expenses
- Statement of Financial Affairs (SOFA)
- Common Disclosure Mistakes to Avoid
- Why Accurate Schedules Matter
- How a Bankruptcy Attorney Near You Can Help
- ReferU.AI Makes It Easier
- Final Thought: Full Disclosure Is Your Best Defense
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Filing for bankruptcy requires complete transparency, making it essential to meticulously prepare your bankruptcy schedules and statements. In this blog post, we will outline the critical information you must disclose and how a knowledgeable bankruptcy attorney near you can assist in ensuring your forms are accurately completed.
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Learn about the essential bankruptcy schedules and statements you must disclose when filing for bankruptcy. Understand their importance and how a bankruptcy attorney near you can help ensure accurate and complete disclosures for a smoother process.
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Mar 30, 2025 06:21 PM
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Schedules and Statements: What You Must Disclose
Filing for bankruptcy isn’t just about asking the court to eliminate debt—it’s about full transparency. That’s why one of the most critical steps in the filing process is completing your bankruptcy schedules and statements. These forms paint a full financial picture for the court, trustees, and creditors.
In this post, we’ll break down what these forms include, what information you’re required to disclose, and why being thorough and honest is essential. We’ll also highlight how a bankruptcy attorney near you can ensure nothing important gets missed.
💡 For every post in this series, scroll down to “Related Posts.”
What Are Bankruptcy Schedules and Statements?
After you file your initial petition, you’ll submit a set of detailed forms called Schedules A through J and a Statement of Financial Affairs (SOFA). These documents list your assets, liabilities, income, expenses, contracts, and more.
They help:
- Determine eligibility for Chapter 7 or Chapter 13
- Identify what assets are protected by exemptions
- Clarify your financial history
- Prevent fraud or omission
A Breakdown of Each Schedule
Schedule A/B – Property
Lists all real estate (Schedule A) and personal property (Schedule B) such as:
- Homes and land
- Vehicles
- Bank accounts
- Jewelry, electronics, household goods
- Retirement accounts
Schedule C – Property You Claim as Exempt
This schedule lists what property you want to keep and the exemption laws that protect it. If you get this wrong, the trustee could seize assets you thought were protected.
Schedule D – Secured Creditors
Lists debts tied to collateral (e.g., mortgage, car loans). You’ll need to specify:
- Creditor name
- Loan balance
- Description of the secured asset
Schedule E/F – Unsecured Creditors
Lists both:
- Priority debts (e.g., taxes, child support)
- Non-priority debts (e.g., credit cards, medical bills)
Schedule G – Executory Contracts and Unexpired Leases
Discloses:
- Leases (home, car, equipment)
- Contracts you’re still obligated under (e.g., service agreements)
Schedule H – Co-Debtors
Lists anyone jointly responsible for your debts—like spouses or co-signers.
Schedule I – Income
Breaks down:
- Your employment status and wages
- Any additional income (benefits, rental income, etc.)
Schedule J – Expenses
Details monthly living costs like:
- Rent or mortgage
- Utilities
- Transportation
- Food and medical
Statement of Financial Affairs (SOFA)
This is a comprehensive disclosure form that covers your financial history:
- Previous income sources
- Business ownerships
- Lawsuits and garnishments
- Property transfers and gifts
- Recent debt payments
Failing to fully disclose past activity can lead to trustee scrutiny or court sanctions.
Common Disclosure Mistakes to Avoid
- Omitting non-traditional income (side gigs, cash jobs)
- Underestimating asset values (use fair market resale value)
- Forgetting old debts or collections
- Failing to list family loans or informal contracts
If you’re unsure what to include—include it anyway and let your attorney advise you.
Why Accurate Schedules Matter
These forms aren’t optional. Inaccurate or incomplete disclosures can:
- Lead to case dismissal
- Trigger audits or investigations
- Cause assets to be seized
- Prevent debts from being discharged
How a Bankruptcy Attorney Near You Can Help
A bankruptcy lawyer near you will:
- Help you gather the right records
- Ensure your asset valuations are accurate
- Identify correct exemptions
- Prevent accidental omissions or mistakes
ReferU.AI Makes It Easier
ReferU.AI connects you with a bankruptcy attorney near you who understands how to complete your schedules thoroughly and properly. Our AI-driven platform matches you with experts who’ve filed hundreds of successful cases in your area.
Final Thought: Full Disclosure Is Your Best Defense
Bankruptcy success depends on honesty. Complete and accurate schedules give you the best chance at a smooth discharge—and the peace of mind that comes with starting fresh. Don’t take chances—get expert guidance, stay transparent, and file with confidence.
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