New Jersey Summary of Schedules — Form 6CONTSU— - Post 2005 is an important document used in bankruptcy proceedings in New Jersey. It provides a detailed summary of the debtor's assets, liabilities, and financial situation. This form is required to be filed by individuals or businesses seeking bankruptcy protection under Chapter 7 or Chapter 13 of the Bankruptcy Code. The New Jersey Summary of Schedules — Form 6CONTSU— - Post 2005 is divided into various sections to ensure comprehensive disclosure. These sections include: 1. Schedules A/B: This schedule lists the debtor's real and personal property, including details such as addresses, descriptions, and estimated values. Real property may include houses, land, or commercial properties, while personal property may include vehicles, jewelry, or other valuable assets. 2. Schedule C: This section focuses on the debtor's exemptions, which allows them to protect certain assets from being sold to repay their debts. It provides information on various exemptions available under New Jersey law, such as homestead exemptions for primary residences, exemptions for clothing, household goods, and specific personal items. 3. Schedule D: This part identifies the creditors holding secured claims against the debtor's assets. Secured claims are those that are backed by collateral or property, such as mortgages or car loans. The schedule lists the name and address of each secured creditor along with the collateral securing the debt. 4. Schedule E/F: This schedule provides details of unsecured claims against the debtor. Unsecured claims are obligations that do not have any specific collateral attached to them, such as credit card debts, medical bills, or personal loans. It lists the name and address of each creditor holding unsecured claims, along with the amount owed. 5. Schedule G: This section includes details of any leases or executory contracts the debtor is a party to. It requires information about the counterparty, lease or contract terms, and the debtor's intentions regarding assumption or rejection of such agreements. 6. Schedule H: This schedule requires disclosure of any co-debtors who are liable on a claim included in the debtor's bankruptcy filings. It includes their names, addresses, and the nature of their relationship to the debtor. 7. Schedule I: This section collects information about the debtor's current income, including employment details, sources of income, and average monthly income. It helps assess the debtor's ability to repay their debts. 8. Schedule J: This schedule captures the debtor's monthly expenses, including categories such as housing, utilities, transportation, food, and healthcare. It helps determine the debtor's disposable income available for debt repayment. It is important to note that the New Jersey Summary of Schedules — Form 6CONTSU— - Post 2005 may have additional schedules or variations, depending on the specific circumstances of the bankruptcy case. However, the core purpose remains the same — collecting comprehensive financial information to evaluate the debtor's financial situation and make informed decisions in bankruptcy proceedings.
New Jersey Summary of Schedules - Form 6CONTSUM - Post 2005
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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.
Schedule F?Creditors Holding Unsecured Nonpriority Claims. This schedule has been revised generally in conformity with the other schedules of creditors. If a claim is subject to setoff, the debtor is required to so state. Schedule G?Executory Contracts and Unexpired Leases.
Assets add value to your company and increase your company's equity, while liabilities decrease your company's value and equity. The more your assets outweigh your liabilities, the stronger the financial health of your business.
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.
Most business owners have a basic understanding of how much their business owns and what it owes other people. In other words, they are aware of their basic assets (like their bank balance, inventory, and equipment) and liabilities (like account payables, loans, and debts).
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.