Schedule E/F – Unsecured Creditors

Thinking about paperwork on top of all of the other tasks required for filing bankruptcy can be stressful, but when we work together, I’ll give you only the forms you need and will guide you as you complete them. To give the court an accurate understanding of your unsecured debts, we’ll complete Schedule E/F. Unlike secured debts, which are tied to collateral such as a home or car, unsecured creditors may not seize your property unless they file a lawsuit against you.


Included Debts

“Priority debts” are those that the court has determined must be paid in all chapters of bankruptcy. The most common types of priority debts are alimony, child support, and back taxes. Unfortunately, some people also have fines or claims resulting from driving under the influence of drugs or alcohol. Struggling business owners may owe their employees wages or benefit contributions. Other types of contractors or property owners are also responsible for paying back money given for services or goods that were never actualized and any rental deposits they received. If you’re filing a Chapter 7, these debts are paid first out of nonexempt assets, and if you’re filing a Chapter 13, they will need to be paid in full as part of your repayment plan.

Medical bills, credit cards, back rent and utilities, and the like are considered non-priority claims. They may or may not be paid as part of a bankruptcy. While student loans are also considered non-priority, they are generally not dischargeable through bankruptcy.

“Executor contracts” and “unexpired leases” will also be included on Schedule E/F. Debts such as phone/cable/internet contracts and home/apartment leases fall into this category.


How Do I Fill Out the Form?

I’ll guide you as we complete this form, just like all of your bankruptcy forms. It’s my duty to help you avoid any costly mistakes that could damage your case or financial bottom line.

In Part One, we’ll list the specifics of your priority debts, including the name and address of each creditor, to whom the debt belongs, if the debt should be offset because you made extra payments, and if the debt is a community debt. The court will also need to know the date the debt was incurred, amount owed, and the last four numbers of the account. I’ll help you determine if the debt is contingent, disputed, or unliquidated, and we’ll list that information here.

Your non-priority debts will be included in Part Two, broken down into specific categories. Debts will be classified as alimony/child support, student loan, or pension/profit sharing, with all other debts listed as “other.” Part Three is where you’ll list your executory contracts, unexpired leases, and collection agencies. The last section of the form is where we’ll add up the total of all the debts listed.


Lots to do

Filling out forms is just a small part of what you’ll need to accomplish before your bankruptcy is resolved, but I’ll ensure that every document is completed correctly. Once you turn in your paperwork, take your online credit counseling courses, and attend your 341 meeting, you’ll be able to focus on rebuilding your credit and enjoying your financial freedom.