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Schedules

Definition of Schedules

Schedules are used in bankruptcy court proceedings to help categorize debt and create a more concise understanding of the debts owed. The term can also mean inventory and is used when a liquidation of assets needs to occur as per bankruptcy proceedings. Schedules can be highly complex in nature and in depth.

Schedules Explained

Schedules are a general term within bankruptcy court that is used whenever something detailed is entered into the court. The Schedule F lists all unsecured creditors. There are other schedules that list bank accounts, owned property (both real and tangible), and secured debts.

Depending on the type of bankruptcy, a business may need to list inventory owned which fall above a certain value. The value can be most accurately provided by a bankruptcy attorney, a bankruptcy Trustee, or by consulting both the federal and the state statutes for bankruptcy. Often, the inventory may be liquidated in an effort to recoup as much money as possible to pay debts incurred by the businss.

The number of schedules is determined by the type of bankruptcy. Even if a particular schedule will not be used, it is often included and marked as "N/A."




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