- Instructor: Attorney Bob Schaller
- Lectures: 6
Schedule E/F: Unsecured Creditors.
Every Chapter 7 debtor must file a schedule of liabilities that includes both secured and unsecured creditors. 11 U.S.C. § 521(a)(1)(B)(i); Bankruptcy Rule 1007(b)(1)(A). This course focuses on the listing of unsecured creditors and the prior chapter discussed listing secured creditors.
The creditors listed in Schedule E/F are limited to those creditors whose debts are NOT secured by a lien or other security interest against property owned by the debtor. Unsecured creditors are sub-categorized as owning either “priority” claims or “non-priority” claims. Priority refers to the order in which unsecured claims are paid from distributions made by the Chapter 7 panel trustee. Priority claims are paid by the trustee in full prior to non-priority claims being paid. Examples of priority claims include domestic support obligations and some income tax liabilities. Examples of non-priority claims include credit card debt and medical bills.
Like the other schedules, Bankruptcy Rule 9009 requires a debtor to use a specific national form prescribed by the Judicial Conference of the United States when listing the debtor’s unsecured creditors. Bankruptcy Rule 9009(a). These rules are strictly enforced. The schedule’s form may not be changed as to affect wording or the order of presenting information. Id.
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