Michigan Summary of Schedules — Form 6CONTSU— - Post 2005 provides a comprehensive and detailed overview of a debtor's assets, liabilities, and unsecured debts. This legal document is commonly used in bankruptcy cases in the state of Michigan and is a crucial part of the bankruptcy process. The Michigan Summary of Schedules — Form 6CONTSU— - Post 2005 consists of several schedules that provide a comprehensive snapshot of the debtor's financial situation. These schedules include: 1. Schedule A — Real Property: This schedule includes details about any real estate owned by the debtor, such as homes, land, or commercial properties. 2. Schedule B — Personal Property: This schedule includes information about the debtor's personal property, such as vehicles, jewelry, furniture, electronics, and any other valuable assets. 3. Schedule C — Property Claimed as Exempt: This schedule outlines any property that the debtor claims as exempt from the bankruptcy estate. Exempt property is generally not subject to liquidation to satisfy creditors' claims. 4. Schedule D — Creditors Holding Secured Claims: This schedule lists creditors who hold a lien on the debtor's property, such as mortgage lenders or vehicle loan providers. It provides details about the secured debts and the collateral securing those debts. 5. Schedule E — Creditors Holding Unsecured Priority Claims: This schedule includes creditors with priority unsecured debts, such as tax debts or child support obligations. Priority debts must be paid before other unsecured debts. 6. Schedule F — Creditors Holding Unsecured Nonpriority Claims: This schedule lists general unsecured creditors, such as credit card companies, medical bills, and personal loans. These debts are typically dischargeable in bankruptcy. 7. Schedule G — Executory Contracts and Unexpired Leases: This schedule outlines any ongoing contracts or leases that the debtor needs to address during bankruptcy, such as rental agreements or cell phone contracts. 8. Schedule H — Codebtors: This schedule provides information about any individuals who are jointly responsible for the debtor's debt. It includes details about the codebtor's contact information and their relationship to the debtor. 9. Schedule I — Current Income: This schedule details the debtor's current monthly income, including wages, salaries, rental income, and any other sources of income. 10. Schedule J — Current Expenditures: This schedule outlines the debtor's monthly expenses, including housing costs, utilities, transportation, food, healthcare, and other necessary living expenses. Overall, the Michigan Summary of Schedules — Form 6CONTSU— - Post 2005 serves as a comprehensive inventory of an individual or business's financial situation during bankruptcy proceedings. It assists creditors, the bankruptcy trustee, and the court in understanding the debtor's assets, liabilities, and the financial landscape that needs to be navigated to make informed decisions about the bankruptcy case.
Michigan Summary of Schedules - Form 6CONTSUM - Post 2005
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How to fill out Summary Of Schedules - Form 6CONTSUM - Post 2005?
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Official Form 106Sum is the Summary of Your Assets and Liabilities and Certain Statistical Information. It contains the ?bottom line? kind of information from your schedules. Things like the total value of your property, the total amount of your debts, and information about your income and expenses.
In its simplest form, your balance sheet can be divided into two categories: assets and liabilities. Assets are the items your company owns that can provide future economic benefit. Liabilities are what you owe other parties. In short, assets put money in your pocket, and liabilities take money out!
Statement of Assets and Liabilities means the unaudited statement of assets and liabilities of the Business dated as of the Statement Date, and included in the Financial Statements. Statement of Assets and Liabilities are to the contents as shown in the Exhibit.
Schedules of Assets and Liabilities means the "Schedule of All Liabilities of Debtor and Statement of All Property of Debtor" Filed by the Debtors, as the same have been or may be amended from time to time prior to the Effective Date.
Assets are what a business owns, and liabilities are what a business owes. Both are listed on a company's balance sheet, a financial statement that shows a company's financial health. Assets minus liabilities equal equity?or the company's net worth.
This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.