Schedule G discloses all executory contracts and unexpired leases to which you may be a party.  In this Schedule you must disclose any and all unexpired leases of real or personal property or other type of agreements, such as realtor agency agreements, royalty or commission agreements, car leases, apartment rental leases etc..., to which you are an obligated party.  The disclosure requires the names and complete mailing addresses of all parties associated with the lease or contract described.  In the left hand column you will list the name and mailing address of all parties associated to the agreement, contract or lease.  In the right hand column, you will list a description of the lease or contract, the nature of your interest in the lease or contract, and whether or not you wish to assume or reject any particular agreement or lease.  Remember, Bankruptcy law requires full disclosure.  Any omission could impact your ability to receive a fresh start.  To learn more, contact the attorneys at Belsky, Weinberg, & Horowitz, LLC. 

Schedule F is where all unsecured creditors are disclosed. Unsecured creditors are any creditor that has no security interest in any property of the debtor and is not entitled to priority status as Schedule E creditors. The most common unsecured debt type are credit cards. Other types include personal loans, hospital bills, doctor bills, and deficiency balances owed on foreclosed homes or repossessed cars.. In Schedule F you will state the name of the creditor, the mailing address including zip code, and the last four digits of any account number associated with that creditor. This information will be disclosed in the left column. The next column to the right describes who is liable for the debt and whether the debt is unliquidated, disputed, or contingent. The next column then describes the type of unsecured debt it is, such as credit card, personal loan, deficiency balances, or any other classification the debt may have. The last column lists the total amount owed to the specific creditor. Schedule F is also where all student loans and unpaid parking tickets will be disclosed. Remember, all outstanding debt owed by the Debtor must be disclosed in a bankruptcy, even if the bankruptcy will not discharge the debt. A perfect example of this would be student loans, which unfortunately are not dischargeable in a bankruptcy. To learn more, contact the attorneys at Belsky, Weinberg, & Horowitz, LLC.

Do you think you are the only one in the Bankruptcy Boat? Think again!

U.S. consumer bankruptcy filings reached 126,434 in July, the highest amount since the Bankruptcy Code was overhauled by Congress in October 2005, according to data from the National Bankruptcy Research Center (NBKRC). The struggling economy, job loss, and rising financial distress has most assuredly contributed to the rise in filers. Many consumers, struggling with mounting credit card debt, higher mortgage payments, and higher prices are feeling the squeeze on their wallets. This debt burden, coupled with loss of jobs, cuts in hours, and cuts in pay have many Americans feeling the pinch. When debt payments are missed, creditors often seek State Court intervention in trying to recoup monies that are owed. Usually, consumers act quickly by sprinting to the Bankruptcy Court for refuge, typically in an attempt to protect their wages from garnishment. Others, do not always act so quickly and stand to lose 25% of their gross wages that are then deducted from their net pay. As American Bankruptcy Institute Executive Director Samuel J. Gerdano put it, "Today's bankruptcy filing numbers reflects the sustained and growing financial stress on U.S. households. Rising unemployment on top of high pre-existing debt burdens is a formula for higher bankruptcies through the end of this year." If you are contemplating filing bankruptcy, it is always better to do it sooner rather than later. Contact the attorneys at Belsky, Weinberg, & Horowitz, LLC, for a fee consultation.