Schedule G – Executory Contracts and Unexpired Leases
INSTRUCTIONS : SCHEDULE G EXECUTORY CONTRACTS AND UNEXPIRED LEASES (Form B-6G)
• When filing for bankruptcy, there is a lot of paperwork required to initiate the filing process. Before your bankruptcy case can being, however, you must fill out the necessary forms and file them with the United States bankruptcy court for your respective district. Once the particular court has approved the filing, your bankruptcy case can begin. One particular form which commonly gives individuals trouble is the Form B-6G- Schedule G Executory Contracts and Unexpired Leases form. Although many filers have problems with this form, a few basic pieces of information will expedite this process.
Filling out the Bankruptcy Schedule G Form:
• The Form B-6G-Schedule G possesses several components; the first part of the form features Executory contracts, which are in essence, contracts that have been signed where the individual promises to pay or receive payment for a service that will take place in the future. For example, hiring a contractor to build you a house, one from the agreement, would be a common example of an executroy contract. All contracts, that possess these characteristics, must be listed on this portion of them; additionally, when listing the contract, you are required to declare the relationship to the contract, meaning were you the purchaser or the contractor?
• The second part of the Form B-6G Schedule G will cover unexpired leases. These contracts refer to any rental or lease agreement where the person declaring bankruptcy is a fundamental part of; these agreements are active and must be renewed in writing. Examples of an unexpired lease will include, time share property, as well as numerous real estate transactions. Similar to the first part of the Schedule G, this portion will require you to fill in your relationship to the contract, when it is set to expire and other particulars associated with the form.
Form B-7 Statement of Financial Affairs
INSTRUCTIONS : STATEMENT OF FINANCIAL Affairs (Form B-7)
What is the Statement of Financial Affairs?
• In a bankruptcy filing, a statement of financial affairs represents the official form filled out by a debtor in which the debtor must answer, in writing, a series of questions concerning their financial affairs. The statement of financial affairs, found on the B-7 petition for a bankruptcy filing, will include questions concerning the debtor’s sources of income, the specifics regarding any and all transfers of property made by the debtor, and all information regarding any past lawsuits filed by past creditors.
• The statement of financial affairs helps the bankruptcy court determines specific factors regarding an individual bankruptcy case, such as the debtor’s ability to reorganize or repay their lenders. The statement of financial affairs must be filled out in a correct and accurate manner to avoid any penalties or legal situations. If you omit any information on this form or supply any incorrect financial information, it could negatively affect your bankruptcy filing.
What is on the Statement of Financial Affairs?
• The Statement of Financial Affairs lists 25 questions that will ask things relating to your total income for the past 3 years, any amounts you have paid to creditors, any lawsuits you have been involved in, all property that you own that is in possession of others, all expenses you have incurred to file bankruptcy and personal information regarding both you and your spouse.
• To file the statement of affairs you will need all of your financial and legal records from the past three years including your tax returns and any business records for companies you own any part of.
Schedule H – Codebtors
INSTRUCTIONS : SCHEDULE H CO-DEBTORS (Form B-6H)
• If you are completing a bankruptcy form Schedule H for codebtors, then you will need to have a set of clear instructions to help streamline the filing. In most instances, however, it is best to have a bankruptcy attorney assist you. Prior to the filing of Schedule H, you should understand what a codebtor is.
• A codebtor refers to any individual who you share a debt with. For instance, in the event that you bought a car or a house, a codebtor is an individual who acts as your co-signer. Co-debtors are typically offered certain protections when the debtor files for bankruptcy; in addition, a codebtor may receive credit for payments that are made by the debtor on a debt during a bankruptcy case. In summation, the codebtor will not be penalized for the debtor’s bankruptcy.
Completing Schedule H:
• To complete Form B-6H you must provide the trustee and the creditor with information concerning any and all codebtors. On this form, a codebtor represents an individual in a joint case who is liable for all debts that are listed by the debtor in the schedules of creditors. If you currently possess no codebtors then you will need to check the corresponding box and move forward to the next schedule.
• The Schedule H portion of the petition is a basic two column form; in the first column you will provide personal and basic information concerning you codebtor, such as their name, address and date of birth. In the next column you will list all information regarding the type of debt the co-signer took on for you. In this column you will provide all information regarding the debt, including the amount of the debt, the type of debt, the date it was agreed to, the amount unpaid and other particulars associated with the particular debt. In this section, you will also be detail characteristics associated with the co-debtor—for example, if the codebtor is not your spouse or if the individual co-signed a piece of property for you.