Summary of Your Assets and Liabilities and Certain Statistical Information

I don’t know too many people that are excited about paperwork. When you file bankruptcy, there is quite a bit of paperwork associated with it. We will put together an entire financial package that will be submitted to the court for review. The good news is, I will be completing most of this paperwork for you based on information you share with me, and all you will have to do is review and sign the documents. The forms will include a total financial picture including your income, debts, and living expenses. It will also include all your property and assets. This package will help the court to evaluate your financial situation and ensure that you qualify for bankruptcy. One of the last forms we will complete is called the “Summary of Your Assets and Liabilities and Certain Statistical Information.” The form has quite the title, but it is also pretty self-explanatory. It is a total summary of your finances that the court looks at.

 

First Steps

The summary takes information from multiple forms and consolidates them into one document. So to start we will need to complete the Schedule A/B to summarize your assets, real property, personal property, and total property values. Schedule D will summarize your liabilities to include secured, unsecured, and non-priority claims along with total claims. Schedule E/F will include all creditors who have unsecured claims against you. Schedule I and J includes all of your income and expenses and will help us determine which chapter you should file. When we choose what chapter to file, you will need to either fill out a Chapter 7 Statement of Your Current Monthly Income or Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period. The totals from all the forms will be included into your Summary form.

The summary will also include some questions to determine if your debts are primarily consumer or business debts. There will be some administrative and statistical questions in the Schedule E/F forms.

In addition to these forms, you will be required to provide supporting documents for the past six months before you filed. You will also need to provide copies of your last tax return in addition to any documents related to your property/assets. Don’t worry, I will give you a list of everything you will need and will help you keep track to make sure we don’t miss anything at your 341  Meeting with the court trustee.

Quick Process

It may seem like a lot of paperwork, but I will help minimize it to the best of my ability. When we get to the point of summarizing your case, you will know that we are almost there, and you are almost debt free. Once we complete your 341 Meeting, if you are filing for a Chapter 7, you will need to complete your post-filing Credit counseling course. Once that is done, your case will be discharged. If you have chosen a Chapter 13, the next step will be starting your reduced repayment plan and one giant step toward financial freedom.