Completing the Summary of Your Assets and Liabilities in Your Bankruptcy Case
The Summary of Your Assets and Liabilities and Certain Statistical Information summarizes the detailed financial information you provide to the court in other documents.
One of the forms you must complete when you file for bankruptcy is called the Summary of Your Assets and Liabilities and Certain Statistical Information. This schedule summarizes the detailed information you provide to the court in other documents and includes information about your income, expenses, debts, and property. Read on to learn more about the Summary of Your Assets and Liabilities and Certain Statistical Information, including how to complete it. (To learn about the other forms you must file in Chapter 7 and Chapter 13 bankruptcy and to find instructions on how to complete each of the Schedules referenced here, see Completing the Bankruptcy Forms.)
What Is the Purpose of the Summary Schedule?
The Summary of Your Assets and Liabilities and Certain Statistical Information helps the bankruptcy trustee and judge get a quick look at your bankruptcy filing. It summarizes the figures you entered onto your Schedules and lists your total assets and total liabilities.
Getting the Summary Schedule
Completing the Summary Schedule
You must complete Schedules A/B through J, plus your Statement of Current Monthly Income, before you turn to the Schedule. The self-explanatory instructions for completing the Summary Schedule itself at the top of the form explain that you’ll transfer the totals from each schedule to the appropriate spot on this form. You’ll want to have the following completed schedules ready for reference:
- Schedule A/B: Property
- Schedule D: Creditors Who Have Claims Secured by Property
- Schedule E/F: Creditors Who Have Unsecured Claims
- Schedule I: Your Income
- Schedule J: Your Expenses
- Chapter 7 Statement of Your Current Monthly Income, or
- Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period
Part 1: Summarize Your Assets
Turn to the last page of Schedule A/B. Transfer the real property total from line 55 to line 1a on the Summary form. Transfer the personal property total from line 62 to line 1b. Finally, transfer the total property figure from line 63 to line 1c.
Part 2: Summarize Your Liabilities
Find the total amount of secured claims on Schedule D and transfer it to line 2 of the Summary form. Write your unsecured priority claim figures (line 6e from Schedule E/F) on line 3a, and your unsecured nonpriority claim figures (line 6j from Schedule E/F) on line 3b. Add all three figures together.
Part 3: Summarize Your Income and Expenses
Enter your combined monthly income amount (line 12 from Schedule I) on line 4. Enter your monthly expenses figure (line 22c from Schedule J) on line 5.
Part 4: Answer Questions for Administrative and Statistical Records
If you are filing Chapter 7 or 13, you’ll check “Yes,” to the first question in this section. Next, you’ll tell the court whether your debts are mainly consumer debts -- meaning debts related to everyday living expenses – or not primarily consumer debts (business debts). If you don’t have a business, you’ll likely indicate that your debts are primarily consumer debts. The remaining questions ask you to transfer totals from the Statement of Your Current Monthly Income and Schedule E/F to the Summary Schedule. You’ll do this in the same manner discussed above.
This article provides general information only. There are many legal issues involved and important decisions to be made when filing for bankruptcy. You must understand the entire bankruptcy process, learn about the applicable federal and state laws, and determine how those laws will affect your particular situation before you complete the bankruptcy forms. If you want to file bankruptcy without a lawyer, use a good do-it-yourself book like Nolo's How to File for Chapter 7 Bankruptcy to ensure you make well informed decisions about your bankruptcy case.