One of the first questions a bankruptcy trustee will ask you at the hearing in your bankruptcy case is: did you read the schedules before you signed them?
The obvious, and expected, answer is YES.
And if your answer is “yes”, then the trustee can conclude that you stand behind the information that the schedules contain.
You signed them under penalty of perjury, after all.
But did you really read them?
Let’s talk about it.
Get your schedules right
Schedules is bankruptcy lingo for the lists of assets, creditors, budgets and financial history that make up the initial bankruptcy papers.
Your right to a discharge of dischargeable debts is based on making full disclosure about your financial situation.
That disclosure starts as the official forms that make up the schedules. They are one-size-fits-all. So among the questions are inquiries about the airplanes you own and the livestock you own.
Starting with the schedule of personal property assets, Schedule_B , the form asks 35 questions about what you own. Unless you read each question carefully and give thought to your answer, it’s all too easy to carelessly omit assets.
Assets are more than things with a physical presence: assets include rights in a probate estate, participation in a class action suit, and rights to a tax refund.