In Louisiana, bankruptcy is a legal process that provides individuals and businesses with a fresh start. When you file for bankruptcy, you must complete forms known as schedules to give the court information about your finances and assets. Some important ones include:
The first and most essential bankruptcy form is Schedule A. This is where you list all your assets, including land, houses, and other personal property like bank accounts and vehicles. The bankruptcy court will want to know where they are located, their value, and if there are liens against them.
Schedule B is where you’ll name all your creditors and the amount you owe them. Further, here’s where you let the court know if your debts are secured or unsecured. A secured debt is one with collateral, such as a car loan or mortgage, whereas an unsecured debt is one without collateral, such as a credit card bill.
This is the form that allows you to claim your exemptions. It is also where you will list all your disposable income.
Schedule D and E
You will name all your creditors that have a lien on your property on Schedule D. Schedule E is for unsecured creditors.
When filing for bankruptcy, there are some debts that cannot be discharged regardless of your situation. Such debts, like child support, alimony and taxes, are listed on Schedule F.
If you have a lease on your house or a loan on a car, here’s where you mention it. The court will require you to describe the nature of the loan or contract to determine if they can be dismissed.
There are about ten schedules you must fill while filing for bankruptcy in Louisiana. The court will need all of them to determine your financial position and options for getting a fresh start.