New Mexico Summary of Schedules - Form 6CONTSUM - Post 2005

• Category: Bankruptcy - Schedules
• State: Multi-State
• Control #: US-BKR-F6CS
• Format: Word; PDF; Rich Text

Description

This form is a Summary of Schedules. The summary of schedules lists the name of the schedules, the number of sheets, assets, and liabilities. New Mexico Summary of Schedules — Form 6CONTSU— - Post 2005 is a vital document used in bankruptcy proceedings in the state of New Mexico. This form provides a comprehensive breakdown of an individual or entity's financial situation, allowing a clear understanding of their assets, liabilities, and income information. It assists in determining the debtors' ability to repay their debts and helps creditors make informed decisions during the bankruptcy process. This required form includes various sections and schedules, each serving a specific purpose. Below are the different types of New Mexico Summary of Schedules — Form 6CONTSU— - Post 2005 and their respective descriptions: 1. Schedule A: Real Property: This schedule entails details about any real estate properties owned by the debtor. It includes the property's address, type, current market value, and any liens or mortgages against it. 2. Schedule B: Personal Property: This section covers various personal assets such as vehicles, jewelry, electronics, and other valuable possessions. Debtors must provide a detailed inventory of their personal property, including its estimated value. 3. Schedule C: Property Claimed as Exempt: Debtors can use this schedule to list any property they believe is exempt from liquidation in bankruptcy. This may include items protected by state or federal laws, such as a primary residence or a certain amount of equity in a vehicle. 4. Schedule D: Creditors Holding Secured Claims: Debtors need to provide information about the creditors with secured claims against their assets. These claims are supported by collateral, like a mortgage or a car loan. This schedule includes the creditor's name, address, claim amount, and the property securing the debt. 5. Schedule E: Creditors Holding Unsecured Priority Claims: Unsecured priority claims are debts that must be paid before other non-priority unsecured debts. This schedule lists creditors with priority claims, such as tax debts, alimony, child support, and certain government obligations. 6. Schedule F: Creditors Holding Unsecured Nonpriority Claims: This section comprises unsecured creditors who do not have a priority claim. It encompasses unsecured debts like credit card balances, medical bills, personal loans, and other similar obligations. 7. Schedule G: Executory Contracts and Unexpired Leases: Debtors must disclose any ongoing contracts or leases they are party to in this schedule. It includes details such as the other party involved, the nature of the contract/lease, and any balance owing or owing to the debtor. 8. Schedule H: Codebtors: If someone other than the debtor is also liable for a particular debt, they are considered a codebtor. This schedule requires the debtor to mention any individuals or entities acting as codebtors. 9. Schedule I: Current Income: Debtors need to provide a thorough breakdown of their current income sources. This includes salaries, wages, bonuses, rental income, business income, and any other form of income received regularly. 10. Schedule J: Current Expenses: This schedule seeks information about the debtor's monthly living expenses. It covers essential expenses such as housing, utilities, transportation, food, healthcare, and childcare. By completing the New Mexico Summary of Schedules — Form 6CONTSU— - Post 2005 accurately and thoroughly, debtors ensure transparency and assist the bankruptcy process. It helps evaluate the debtor's financial situation, determine the amount that can be repaid to creditors, and make equitable decisions for all parties involved in the bankruptcy proceedings.

New Mexico Summary of Schedules — Form 6CONTSU— - Post 2005 is a vital document used in bankruptcy proceedings in the state of New Mexico. This form provides a comprehensive breakdown of an individual or entity's financial situation, allowing a clear understanding of their assets, liabilities, and income information. It assists in determining the debtors' ability to repay their debts and helps creditors make informed decisions during the bankruptcy process. This required form includes various sections and schedules, each serving a specific purpose. Below are the different types of New Mexico Summary of Schedules — Form 6CONTSU— - Post 2005 and their respective descriptions: 1. Schedule A: Real Property: This schedule entails details about any real estate properties owned by the debtor. It includes the property's address, type, current market value, and any liens or mortgages against it. 2. Schedule B: Personal Property: This section covers various personal assets such as vehicles, jewelry, electronics, and other valuable possessions. Debtors must provide a detailed inventory of their personal property, including its estimated value. 3. Schedule C: Property Claimed as Exempt: Debtors can use this schedule to list any property they believe is exempt from liquidation in bankruptcy. This may include items protected by state or federal laws, such as a primary residence or a certain amount of equity in a vehicle. 4. Schedule D: Creditors Holding Secured Claims: Debtors need to provide information about the creditors with secured claims against their assets. These claims are supported by collateral, like a mortgage or a car loan. This schedule includes the creditor's name, address, claim amount, and the property securing the debt. 5. Schedule E: Creditors Holding Unsecured Priority Claims: Unsecured priority claims are debts that must be paid before other non-priority unsecured debts. This schedule lists creditors with priority claims, such as tax debts, alimony, child support, and certain government obligations. 6. Schedule F: Creditors Holding Unsecured Nonpriority Claims: This section comprises unsecured creditors who do not have a priority claim. It encompasses unsecured debts like credit card balances, medical bills, personal loans, and other similar obligations. 7. Schedule G: Executory Contracts and Unexpired Leases: Debtors must disclose any ongoing contracts or leases they are party to in this schedule. It includes details such as the other party involved, the nature of the contract/lease, and any balance owing or owing to the debtor. 8. Schedule H: Codebtors: If someone other than the debtor is also liable for a particular debt, they are considered a codebtor. This schedule requires the debtor to mention any individuals or entities acting as codebtors. 9. Schedule I: Current Income: Debtors need to provide a thorough breakdown of their current income sources. This includes salaries, wages, bonuses, rental income, business income, and any other form of income received regularly. 10. Schedule J: Current Expenses: This schedule seeks information about the debtor's monthly living expenses. It covers essential expenses such as housing, utilities, transportation, food, healthcare, and childcare. By completing the New Mexico Summary of Schedules — Form 6CONTSU— - Post 2005 accurately and thoroughly, debtors ensure transparency and assist the bankruptcy process. It helps evaluate the debtor's financial situation, determine the amount that can be repaid to creditors, and make equitable decisions for all parties involved in the bankruptcy proceedings.