Help with Bankruptcy Forms: Schedule G - Executory Contracts and Unexpired Leases

In bankruptcy form Schedule G, debtors need to list specific information about the debts they have. On this particular form, you will be listing specific information about any contracts or leases you currently have. In these cases, you are obligated to repay the debt. In most bankruptcy cases, it is possible to hold on to debts after bankruptcy if both the debtor and the creditor agree to do so. This form outlines any debts you have that may fit this profile.

Using Schedule G

Schedule G should outline any ongoing car leases you may have. It should outline the timeshare or apartment leases you may have. It should also list the insurance contracts in place as well as any leases of personal property you may have. If you determine that you cannot keep these assets, it is likely they will face elimination during the bankruptcy process.

To fill out this form, simply follow these steps:

In the first column, list the name and mailing address of the creditor. You also need to list in this column anyone else who may be on the lease or contract with you, such as a spouse or business partner.
In the second column, list a description of the contract or the lease. You should also list the date it expires and the term length. State if the property is nonresidential real property if that is the case. Also, list if it is a state contract.

If you do not have any of these types of leases or contracts, simply check the box at the top of Schedule G to state that. In addition, you may list in the box if you wish to keep the property and therefore maintain the contract, or if you plan to ask the court to relinquish the debt from your obligation to pay it.

Keep in mind that you will have access to the property you list on the Schedule G throughout the bankruptcy process. Once the bankruptcy court determines if the property will be kept by you or not, then you may lose that property.

Hiring an Attorney

Although Schedule G looks easy to fill out, it is one of numerous bankruptcy forms that need to be filled out properly to ensure that the bankruptcy is processed properly. For this reason, hire an attorney to help you to fill out this document. You may need to make critical decisions about this type of property that an attorney can help you to make.

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