Continuing our series on bankruptcy schedules, Schedule F is used to list all of your general unsecured debts. General unsecured debts are those that are not secured by collateral and are not entitled to priority payment under the Bankruptcy Code. These debts are typically credit card debts, medical bills, and other similar debts. You may recall that, in our last blog – focused on Schedule E – we noticed that Schedules E and F have been combined into one schedules – cleverly labeled “Schedule E/F”. However, we also noted that, for purposes of discussion, we were breaking out the detail of Schedule E versus Schedule F.

Step 1: Gather Information About Your General Unsecured Debts

Before you can start filling out Schedule F, you’ll need to gather information about all of your general unsecured debts. This may include credit card debts, medical bills, and other debts that are not secured by collateral. Lesser known unsecured debts include deficiencies on repossessed vehicles and personal guarantees on business loans. Student loans are also unsecured debts, but they are treated separately under the Bankruptcy Code and are not generally not dischargeable under §523(a)(8) of the Bankruptcy Code. An exception is provided if excepting student loans from discharge would impose an “undue hardship” – an extremely high burden that has historically only been satisfied when a debtor is unlikely to be able to work for a living in the future.

Make sure to gather all relevant documentation, including the most recent billing statements and any other documents related to your general unsecured debts. If you believe that you may have an “undue hardship” as a result of student loans, talk to your attorney about the possibility of seeking a hardship discharge. In some cases, student loan companies may be willing to negotiate these debts based on demonstrated hardship situations.

Step 2: List Your General Unsecured Debts

Once you have all of the necessary information, you or your attorney can start listing your general unsecured debts on Schedule F. For each general unsecured debt, you’ll need to provide the following information:

-Creditor’s name and address: This is the name and address of the creditor who holds the general unsecured debt.
-Date incurred: This is the date that the general unsecured debt was incurred.
-Amount of claim: This is the amount that you owe on the general unsecured debt as of the date that you filed for bankruptcy.
-Be sure to list each general unsecured debt separately, even if you have multiple debts with the same creditor.

Step 3: Complete the Form

Once you’ve listed all of your general unsecured debts on Schedule F, you or your attorney must complete the rest of the form. This includes providing your name, case number, and other basic information, as well as signing the form to certify that the information you’ve provided is true and accurate.

Step 4: Review and File

After you’ve completed Schedule F, review it carefully to make sure everything is accurate and complete. Keep in mind that a trustee will be reviewing these forms and may ask you questions about them at the meeting of creditors. Once you’re satisfied with the form, you or your attorney will file it with the bankruptcy court, along with the rest of your bankruptcy paperwork.

As with other schedules, completing Schedule F is an important part of the bankruptcy process. By following these steps and seeking the guidance of a bankruptcy attorney if needed, you can ensure that your general unsecured debts are accurately listed, and that your bankruptcy case proceeds smoothly.

Resources

Copy of Schedule F Form
Download Schedule F Form

Have a question? Contact Greg Mitchell, Freeman Law, Texas.