Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Bankruptcy Terms to Know: Schedules

The court website defines schedules as, “detailed lists filed by the debtor along with (or shortly after filing) the petition showing the debtor's assets, liabilities, and other financial information. (There are official forms a debtor must use.)” Your schedules are a snapshot of your financial situation on the day you file your case. It includes everything you own (i.e. bankruptcy estate, see definition here), everyone you owe, and anything else the court needs to know.

Having correct schedules is one of the most important things that you can have—and something an experienced St. Louis Missouri or Illinois Bankruptcy attorney can really help you with. If you are filing a Chapter 7 in Missouri or Illinois, it is part of your Chapter 7 forms. If you are filing a Chapter 13 in Missouri or Illinois, it helps the court determine the proper amount for your Chapter 13 payments. Either way, it is essential for the bankruptcy court to have a complete and accurate picture of situation in order to get you the credit card debt help, protection from foreclosure, and relief you from debt that you need.

Make sure any Missouri or Illinois bankruptcy lawyer that you are considering for handling your case knows how important your schedule really is. Wondering what else you should ask before you hire an attorney? You can request a free copy of my ultimate guide to bankruptcy, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” to make sure you learn what you need to know before you hire an attorney or make a mistake that could ruin your case.