what form to fill out for a chapter 13 bankruptcy

Official Instructions:
Schedule A/B: Property (Official Grade 106A/B)

Schedule A/B: Belongings (Official Form 106A/B) lists property interests that are involved in a bankruptcy instance. All individuals filing for defalcation must list everything they ain or have a legal or equitable interest in. Legal or equitable interest is a broad term and includes all kinds of property interests in both tangible and intangible holding, whether or not anyone else has an interest in that property.

The information in this form is grouped by category and includes several examples for many items. Note that those examples are meant to give you an thought of what to include in the categories. They are not intended to be consummate lists of everything within that category. Make sure y'all list everything yous own or have an interest in.

You must verify nether penalty of perjury that the information you lot provide is complete and accurate. Making a faux argument, concealing property, or obtaining money or property by fraud in connection with a defalcation case tin result in fines up to $250,000, or imprisonment for upwards to 20 years, or both. 18 U.S.C. §§ 152, 1341, 1519, and 3571.

Empathize the terms used in this form

Community property — Blazon of holding ownership available in sure states for property owned past spouses and, in some instances, legal equivalents of spouses. Customs property states and territories include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington, and Wisconsin.

Electric current value— In this class, report the current value of the property that you own in each category. Current value is sometimes chosen fair market value and, for this form, is the off-white market value as of the date of the filing of the petition. Current value is how much the belongings is worth, which may be more or less than when yous purchased the property. Property you own includes property you have purchased, even if you lot owe coin on it, such as a domicile with a mortgage or an automobile with a lien.

Study the current value of the portion you lot ain

For each question, report the current value of the portion of the property that you own. To do this, you would usually make up one's mind the current value of the entire belongings and the percentage of the property that you ain. Multiply the current value of the property past the percentage that you own. Study the result where the form asks for Current value of the portion you lot own. For example:

If y'all own a firm by yourself, you own 100% of that house. Study the unabridged current value of the house.

If you lot and a sister own the house equally, report 50% of the value of the house (or half of the value of the house).

In certain categories, electric current value may be difficult to figure out. When you cannot discover the value from a reputable source (such every bit a pricing guide for your car), estimate the value and exist prepared to explain how you determined information technology.

List items once on this form

List items only once on this course; do not list them in more one category. List all existent manor in Part 1 and other property in the other parts of the class.

Where yous list like items of minimal value (such every bit clothing), add together the value of the items and study a total.

Be specific when yous draw each item. If you have an item that you lot think could fit into more than one category, select the almost suitable category and listing the item at that place.

Separately describe and list individual items worth more than $500.

Match the values to the other schedules

Make sure that the values you report on this form match the values you report on Schedule D: Creditors Who Have Claims Secured by Your Property (Official Form 106D) and Schedule C: The Property You lot Merits as Exempt (Official Course 106C).

COMMITTEE NOTE (Congressional Committee notation from the folks who wrote the constabulary)

The schedules to be used in cases of individual debtors are revised as office of the Forms Modernization Project, making them easier to read and, as a consequence, probable to generate more complete and authentic responses. The goals of the Forms Modernization Project include improving the interface between technology and the forms then as to increment efficiency and reduce the need to produce the same information in multiple formats. Therefore, many of the open up-concluded questions and multiple-role instructions have been replaced with more specific questions. The individual debtor schedules are likewise renumbered, starting with the number 106 and followed by the letter or name of the schedule to distinguish them from the versions to be used in not-individual cases.

Official Class 106A/B, Schedule A/B: Property, consolidates data about an individual debtor's real and personal holding into a single class. It replaces Official Course 6A, Real Property, and Official Course 6B, Personal Property, in cases of individual debtors. In addition to specific questions about the assets, the grade too includes open up text fields for providing additional information regarding detail avails when advisable.

The layout and categories of property on Official Form 106A/B have changed. Instead of dividing property interests into 2 categories (existent or personal belongings), the new form uses seven categories likely to be more familiar to not-lawyers: existent estate, vehicles, personal household items, financial assets, business-related holding, subcontract- and commercial angling-related property, and a catch-all category for property that was not listed elsewhere in the form. The new class categories and the examples provided in many of the categories are designed to prompt debtors to be thorough and listing all of their interests in property. The debtor may describe by and large items of minimal value (such as children'south clothes) by adding the value of the items and reporting the total.

Although a particular particular of property may fit into more one category, the instructions for the form explain that it should exist listed just once.

In addition, because property that falls within a particular category may non be specifically elicited by the item line items on the form, the debtor is asked in Parts 3–half-dozen (lines xiv, 35, 44, and 51) to specifically identify and value whatever other property in the category.

In Part one, Describe Each Residence, Building, Land, or Other Existent Estate You Ain or Have an Involvement In, the debtor is asked to land the "current value of the portion yous own," and to too state who has an interest in the holding. In addition, the debtor is asked for the nature of the ownership interest, if known by the debtor. Furthermore, instead of request for an open up-ended description of the belongings, the form guides the debtor in answering the clarification question by providing 8 options from which to choose: single-family abode, duplex or multi-unit building, condominium or cooperative, manufactured or mobile home, land, investment property, timeshare, and other.

Role ii, Describe Your Vehicles, too guides the debtor in answering the question, asking for the make, model, year, and mileage of the car or other vehicle. Because mileage is merely a general indication of vehicle value, the debtor is not required to list the exact mileage, but instead is prompted to provide the approximate mileage.

Part 3, Depict Your Personal and Household Items, simplifies wording, updates categories, and uses more than common terms. For example, "Apparel" is changed to "Clothes" and examples include furs, which were previously grouped with jewelry. Firearms, on the other hand, which were previously grouped with sports and other hobbies, are now gear up out equally a separate category. Additionally, because a new Function 6 has been added to separately describe-farm related holding, Role 3 includes a category for "Not-farm animals."

Part 4, Depict Your Fiscal Assets, prompts a listing of the debtor's fiscal avails through several questions providing divide space, later each listed type of account or deposit, for the institution or issuer name and the value of the debtor'southward interest in the asset. Two new categories of financial avails are added: "Bonds, common funds, or publicly traded stocks" and "Claims confronting tertiary parties, whether or non you have filed a lawsuit or fabricated a need for payment." In addition, qualified ABLE accounts, as divers in 26 U.S.C. § 529A(b), are added to the list of accounts in question 24. This modify is fabricated in response to the Tax Increase Prevention Human activity of 2014, Pub. Law No. 113-295, which excludes ABLE account contributions meeting the specified requirements from property of the estate.

Function 5, Describe Any Business-Related Property You Own or Have an Interest In, provides prompts for list business organisation-related property, such as accounts receivable, inventory, and machinery, and includes a direction to listing business-related real manor in Function 1, to avoid listing real estate twice.

Part 6, Depict Whatever Farm- and Commercial Fishing-Related Property You Ain or Have an Interest In, provides prompts for listing farm- or commercial fishingrelated property, such as subcontract animals, crops, and feed. Information technology also includes a direction to listing whatever farm- or commercial line-fishing-related real estate in Part 1.

Part 7, Describe All Property You Ain or Take an Involvement in That You Did Not List Higher up, is a catch-all provision that allows the debtor to report property that is hard to categorize.

Part 8, Listing the Totals of Each Role of this Form¸ tabulates the total value of the debtor'due south involvement in the listed belongings. The tabulation includes ii subtotals, 1 for real estate, which corresponds to the existent property total that was reported on erstwhile Official Class 6A. The second subtotal is of Parts 2-7, which corresponds to the personal holding total that was reported on former Official Form 6B.

Albin Renauer has spent a career making consumer law data free and accessible to everyone. In 2006, Albin launched LegalConsumer.com and the free Bankruptcy Ways Test Reckoner. Millions of consumers have used these Complimentary tools and data to learn about their rights under defalcation law.  Since 1989, Albin has also been a co-author of 22 editions of Nolo'due south bestselling guide How to File for Chapter 7 Bankruptcy, (Nolo, 22nd ed, 2021).

Jurisdictional relevance: There are versions of this article for each State.
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Source: https://www.legalconsumer.com/bankruptcy/topic_50_state.php?TopicID=72

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