Continuing our look at Bankruptcy Schedules, today we turn to Schedule H, which is used to list all of your co-debtors. A co-debtor is someone who is jointly liable with you on a debt. For example, if you and your spouse have a joint credit card, your spouse would be considered a co-debtor. Similarly, if you are a guarantor on a debt of your business, then if you are filing personal bankruptcy, you would need to list your business as a co-debtor. Alternatively, if you are filing bankruptcy on behalf of your business, then you would need to be listed individually as a co-debtor in your business’s bankruptcy filing.
Keep in mind that your spouse is not automatically a co-debtor simply because you’re married or simply because you live in a community property state. Generally, a spouse would have to have personally signed on a loan document to be jointly liable. If you’re not sure, then you should check your loan documents.
Step 1: Gather Information About Your Co-Debtors
Before you can start filling out Schedule H, you’ll need to gather information about all of your co-debtors. This may include your spouse, family members, business partners, or anyone else who is jointly liable for a debt with you. Make sure to gather all relevant documentation, including billing statements and any other documents related to your co-debtors.
Step 2: List Your Co-Debtors
Once you have all of the necessary information, you or your attorney can start listing your co-debtors on Schedule H. For each co-debtor, you’ll need to provide the following information:
- Name and address: This is the name and address of the co-debtor.
- Relationship to debtor: This is an indication of the relationship between you and the co-debtor (e.g. spouse, family member, business partner).
- Nature of claim: This is a brief description of the debt or obligation for which the co-debtor is jointly liable.
Be sure to list each co-debtor separately, even if you have multiple debts or obligations with the same co-debtor, and even if you have multiple co-debtors with respect to the same debt.
Step 3: Complete the Form
Once you’ve listed all of your co-debtors on Schedule H, you or your attorney should 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 H, review it carefully to make sure everything is accurate and complete. Once you’re satisfied with the form, you’ll need to file it with the bankruptcy court, along with the rest of your bankruptcy paperwork.
Completing Schedule H thoroughly and accurately 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 co-debtors are accurately listed, and that your bankruptcy case proceeds smoothly.
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