One of the reasons it is never a good idea to file bankruptcy through a do-it-yourself plan is due to the overwhelming amount of paperwork needed for a bankruptcy case. In a bankruptcy case, there are so many different documents you must complete, and you must complete each necessary one and fill each out accurately and thoroughly. Among the documents you will fill out, here are some of the main schedules a bankruptcy case requires.
Schedule A: A List of Your Property
One of the things you lawyer will ask for is a complete list of the property you own, and it may take you a while to come up with this list. The main thing a lawyer is looking for is big things of value. This includes your house, vehicles you own, the cash you have in bank accounts, and other types of valuable assets. This does not include your basic home furnishings, clothing, or kitchen items. You must complete this list accurately when working with your lawyer, as discrepancies in it may cause red flags in your case.
Schedule C: The List of Property You Should be Allowed to Keep
The next schedule, which is Schedule C, is a very important document in your bankruptcy case. This is the schedule your lawyer will use to write down the assets you have that you should be able to keep if you file for bankruptcy. Every state has something called exemptions, and these exemptions allow people to keep certain things if they file for bankruptcy. For example, you might be able to exempt a certain portion of your home value in the state you live in. If you can, this might allow you to keep your house instead of being forced to surrender it if you file for bankruptcy.
Schedule D and E/F: Information about Your Debts
These schedules are also vital parts of your bankruptcy case, and they are used to list information about your debts and your creditors. Schedule D is what your lawyer will use to list information about secured debts, such as your car or home. The other schedule is where you must list every single other creditor you have, whether you owe them money or not. This includes every credit card account you have open and any other creditors you might owe money to.
These are the main schedules you must complete in a bankruptcy case, but there are a lot of other ones too. It is always a good idea to understand the bankruptcy process before using it, and you can learn more about it by scheduling a visit with a lawyer who offers bankruptcy attorney services.