FILEING CHAPTER 7 BANKRUPTCY AND NEED TO UNDERSTAND WHAT CONTINGENT, LIQUIDATED AND UNLIQIDATED ITEMS ARE.

Asked 8 months ago - Des Moines, IA

I DON'T BELIEVE CREDIT CARDS OR STUDENT LOANS, ETC ARE CONSIDERED CONTINGENT, LIQUIDATED, OR UNLIQUIDATED SO IF THEY ARE WHAT ARE THEY CONSIDERED AS ON SCHEDULE F? WHAT ELSE GETS LISTED ON SCHEDULE F? MEDICAL BILLS?

Attorney answers (4)

  1. Derek R. Caldwell

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    Contributor Level 19

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    Answered . Student loans are not priority debts, they are nondischargeable but not priority and are to be listed on Schedule F. Most garden variety consumer debt such as credit cards, medical bills, personal loans and the like should also be listed on Schedule F.

    DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal... more
  2. Dorothy G Bunce

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    Answered . A contingent debt is one where your liability for the debt is undetermined. Such as a motor vehicle accident where it hasn't been determined who is at fault. A liquidated debt is a debt where the amount owed is a sum certain - eg, a known amount, and an unliquidated date is a debt where the amount owed is disputed. Hope this perspective helps!

  3. Lynda Wesley

    Pro

    Contributor Level 14

    Answered . Your student loans go on Schedule E - priority debts. They are not discharged by the bankruptcy though. Both credit cards and medical bills go on Schedule F, as do personal loans, utilities, bounced checks, etc.

    The information provided herein is general information only and not legal advice. The information provided herein... more
  4. Robert F Gauss

    Contributor Level 11

    Answered . I suspect from the question you are filing out your own bankruptcy petition, or having gotten documents from a petition firm, are filling them out without the help of a lawyer. Do not do this. Find a lawyer on AVVO in your area and come up with a fair fee. (Really, bankruptcy is not a do it yourself kind of thing there is a reason there are so many bankruptcy lawyers). That said, contingent debts are those you don't owe yet but may owe if x,y, or z happens, liquidated debts are those where you generally know how much the debt is, and unliquidated means you owe but are unsure how much.

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