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Completing Schedule A/B

Schedule A/B is a combination of disclosure of the debtor's real property interests (Schedule A) and personal property interests. The debtor in any bankruptcy case is required to complete the schedules as accurately and as completely as possible. The debtor is required to sign a Declaration Concerning Schedules which is a verification by the debtor, under oath, that all property is listed accurately to the best of the Debtor's personal knowledge.

Schedule A: Real Property / Real Estate Interests of Debtor

The real estate interests of the debtor include not only their interest in a personal residence, or "homestead," but:

  • Any real estate interests the debtor holds in investment real estate
  • Expectancy interest in an estate of a third party who has died
  • Interests in a probate estate involving real estate
  • Joint ownership with another person other than the debtor's spouse
  • Land holdings
  • Any other legal interest the debtor has in real estate

The debtor is also required to provide a figure as far as the value of the debtor's interest in the real property and the percentage owned. Value is generally calculated based upon the tax assessed value of the property, with the burden of proof being on any outside party who disputes that value to provide an expert appraisal. The U.S. Bankruptcy Court in any given case will determine the value of a given interest when a challenge arises.

Schedule B: Personal Property of the Debtor

Schedule B requires the debtor to disclose all interests in personal property. This includes the debtor's:

  • Household goods
  • Clothing
  • Vehicle
  • Retirement plan(s)
  • Bank accounts
  • Stocks
  • Bonds
  • Mutual funds
  • Business interests
  • Partnership interests

A full list of the property required to be disclosed can be found on Official Schedule A/B. The debtor should provide a value of the property equal to any known value and, if value is unknown, the replacement value. Third party resources such as Kelly Blue Book or National Auto Dealer Association Guide are generally considered a reasonable valuation guide by the bankruptcy courts to value motor vehicles, motorcycles, boats, aircraft, etc.

If you have a question about real or personal property disclosures on your bankruptcy petition, call now!

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