Continuing with our series on bankruptcy schedules, today we look at Schedule G, which is used to list all of your executory contracts and unexpired leases. An executory contract is a contract in which both parties still have performance obligations to fulfill. A complete analysis of executory contracts is beyond the scope of this blog, as there is an entire body of law on what is and what is not an executory contract. An unexpired lease is a lease that has not yet expired.
Step 1: Gather Information About Your Contracts and Leases
Before you can start filling out Schedule G, you'll need to gather information about all of your executory contracts and unexpired leases. This may include contracts for goods or services, such as a cell phone or gym membership, as well as leases for a home or car. Make sure to gather all relevant documentation, including copies of your contracts and leases.
Step 2: List Your Contracts and Leases
Once you have all of the necessary information, you or your attorney can start listing your executory contracts and unexpired leases on Schedule G. For each contract or lease, you'll need to provide the following information:
- Creditor's name and address: This is the name and address of the creditor or lessor with whom you have the contract or lease.
- Description of the contract or lease: This is a brief description of the goods or services provided under the contract or lease.
- Nature of the contract or lease: This is an indication of whether the contract or lease is an executory contract or unexpired lease.
- Whether you intend to assume or reject the contract or lease: This is a statement of whether you intend to assume the contract or lease and continue to perform under its terms or reject the contract or lease and cease performance. If you intend to assume the lease, bankruptcy rules generally require that you bring your obligations under the contract or lease current.
- Be sure to list each contract or lease separately, even if you have multiple contracts or leases with the same creditor or lessor.
Step 3: Complete the Form
Once you've listed all of your executory contracts and unexpired leases on Schedule G, you or your attorney will need to complete the rest of the form. This includes providing your name, case number, and other basic information, as well as signing the form to certify that the information you've provided is true and accurate.
Step 4: Review and File
After you've completed Schedule G, review it carefully to make sure everything is accurate and complete. Once you're satisfied with the form, you or your attorney must file it with the bankruptcy court, along with the rest of your bankruptcy paperwork.
In conclusion, completing Schedule G is an important part of the bankruptcy process. By following these steps and seeking the guidance of a bankruptcy attorney if needed, you can ensure that your executory contracts and unexpired leases are accurately listed, and that your bankruptcy case proceeds smoothly.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.