If you have been following JayFleischman's blog about the alphabet soup of bankruptcy, beginningwith the letter A, for Abandonment, then it is no surprise the letterB is for Bank Account, C is for Creditor, and D is for, you guessedit, Debtor. But, I bet you didn't think E would be for Executory
Contract. I thought this was interesting.
Well the next on the list is F. What
could this stand for? Well, it could stand for a four letter word;
something you say when you receive a call from a debt collector, or
one of their hart to hart letters that you through to the side and
don't open because you know what is inside. Well, fortunately, we
are not going down that road. At least, not in this blog, as I, and
my clients, believe in taking the upper road.
F stands for Forms, and not just any
forms. These are the official forms for filing bankruptcy, and as
chance would have it, the specific form F refers to is called
Schedule F. Why they call it a schedule, instead of a form, I really
don't know, but if I were to guess, I would say it sounds more
official, or politically correct. Yes, it's called a schedule, but
it sure looks like a form to me.
So, why is this form important? Well,
of the schedules that are filed in a Chapter 7 or Chapter 13
bankruptcy, which consist of Schedule A through Schedule J, this is
be far the most widely used. This is where all the non-priority
unsecured debts are listed; debts like credit card and medical bills
are listed on this form. Generally, when I ask someone who they owe
money to, it goes on this form as long as it is not the IRS
(depending on the year taxes are due from), or a domestic support
obligation (alimony, child support), or a secured creditor
(mortgagee, auto loan).
It consist of the name of the creditor,
along with anyone else associated with the debt, like a debt
collector, their respective addresses, the amount of the debt, and
whether or not the debt is disputed. It is very important to list
all creditors that should be listed on this form, as if you forget to
list someone, you not only could still owe that creditor after your
discharge (which is what I thought the letter D should be for), but
you may be prohibited from discharging the debt in a subsequent
bankruptcy.
I wonder if creditors, after receiving
a commencement letter indicating someone has filed bankruptcy, thinks
of a four letter word beginning with F while placing the paper in the
debtor's file.
I can think of another F word when it comes to some creditors and third-party debt buyers; FRAUD!
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ReplyDeleteThese are the official forms for filing Las Vegas bankruptcy lawyer, and as chance would have it, the specific form F refers to is called Schedule F. Why they call it a schedule,
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