How to Fill Out Bankruptcy Schedule G

There is a lot of paperwork to be filed if you are considering declaring, or have already declared, bankruptcy.  Before your bankruptcy can begin to take effect and you begin to see the relief from your creditors and collection agencies, you must fill out the necessary paperwork and file it with the US bankruptcy court for your district.  Once the court has approved it, the bankruptcy can begin.  One form which commonly gives individuals trouble is the Bankruptcy Schedule G form, titled Executory Contracts and Unexpired Leases.  Filling out this form is not as difficult as it may seem and there are some basic pieces of information which will help you fill it out.

Filling Out The Bankruptcy Schedule G Form

What is covered by the federal bankruptcy Schedule G form? There are several components:

• Executory contracts are the first part of the form.  In layman’s terms an executory contract is a contract that has been signed in which the individual has promised to pay or receive payment for a service that will take place in the future.  Hiring a contractor to build you a house, starting one year from now, would be an example of an executory contract.  You would need to declare all such contracts that exist, as well as declaring your relationship to the contract, such as whether you are the purchaser, the contractor, or whatever other relationship you have.
• The second part of the bankruptcy Schedule G form covers Unexpired Leases.  Unexpired leases are any rental or lease agreements that the person who is declaring bankruptcy is a part of, and that have not expired or reached the point where they must be renewed in writing.  Examples of unexpired leases include time share property, as well as real estate transactions, whether you are the leasee or the landlord who is renting the property to others.  Again, as with the first part of Schedule G, you will have to fill in your relationship to the contract, when it is set to expire, and other particulars in order to completely answer the form’s questions.

Once you get past the legal jargon, the bankruptcy form Schedule G is really not that terrifying.  It is basically asking you to notify the court of any legally binding financial agreements you may have entered into so that they can be considered and counted towards or against your available income and your ability to repay your debts. 

Getting Help

Bankruptcy Form Schedule G can be filled out by your attorney if you are uncomfortable doing so yourself. Your attorney can guide you through the process of filing out the form and can ensure that it is filled out properly in light of the court requirements so your bankruptcy can be processed in a timely manner.