Bankruptcy Schedules: Schedule A/B

Written by Gregory Mitchell | Posted in Bankruptcy And Taxes • Freeman Law

This will be the first in a series of blog posts that will focus on completing bankruptcy schedules. We’ll start in this blog with the first schedule – Schedule A/B.

Bankruptcy can be a complex and overwhelming process, but it’s important to accurately complete the required forms and schedules to ensure that your case proceeds smoothly. One of the key schedules that must be completed is Schedule A/B, which lists all of the debtor’s personal property and assets. In this blog post, we’ll go over the basics of completing Schedule A/B in a bankruptcy case.

Step 1: Gather Information

Before you can start filling out Schedule A/B, you’ll need to gather all the necessary information about your personal property and assets. This can include things like your home, car, furniture, electronics, jewelry, and other items of value. Make sure to be thorough in your inventory, and don’t leave anything out.

Step 2: Determine the Value of Your Property

Once you’ve compiled a list of all your personal property and assets, the next step is to determine the value of each item. The value should be based on the fair market value, which is the price that a willing buyer would pay to a willing seller in an arm’s length transaction.

There are several ways to determine the value of your property. You can use online resources like Zillow or Redfin to estimate the value of your home, or use sites like Kelley Blue Book or NADA to estimate the value of your car. For other items like jewelry or electronics, you may need to get an appraisal from a qualified appraiser.

Step 3: Classify Your Property

After you’ve determined the value of each item, the next step is to classify your property according to the categories listed on Schedule A/B. These categories include:

Real property: This includes any land or buildings you own, such as your home or rental property.
Personal property: This includes items like furniture, clothing, electronics, and appliances.
Vehicles: This includes cars, trucks, boats, and motorcycles.
Other assets: This includes things like bank accounts, stocks, bonds, and retirement accounts.
Be sure to list each item under the appropriate category, and include the value for each item.

Step 4: Complete the Form

At this point, it may be enough for you to simply forward the information compiled to your bankruptcy attorney, who will complete the form for you. If you don’t have a bankruptcy attorney, then once you’ve classified all your property, it’s time to complete the form itself. The form will ask for your name, case number, and other basic information, as well as a detailed listing of your personal property and assets.

Make sure to fill out the form completely and accurately, and don’t leave anything out. If you’re not sure about how to classify an item or determine its value, seek the advice of a bankruptcy attorney.

Step 5: Review and File

After you or your attorney have completed Schedule A/B, review it carefully to make sure everything is accurate and complete. Once you’re satisfied with the form, you or your attorney will need to file it with the bankruptcy court, along with the rest of your bankruptcy paperwork.

Completing Schedule A/B is one of the first important steps of the bankruptcy process. By following these steps and seeking the guidance of a bankruptcy attorney if needed, you can ensure that your personal property and assets are accurately listed and accounted for, and that your bankruptcy case proceeds smoothly.

Have a question?Contact Greg Mitchell, Freeman Law, Texas.

Resources

Copy of Schedule A/B Form
Download Schedule A/B Form

Have a question about bankrupycy? Contact Greg Mitchell, Freeman Law, Texas

Gregory Mitchell

Mr. Mitchell holds an LL.M. in Taxation from New York University. Mr. Mitchell currently directs the SMU Dedman School of Law’s federal taxpayer clinic.

Prior to joining Freeman Law, Mr. Mitchell was the managing partner of The Mitchell Law Firm, L.P., a small firm he started in 2004, where he ran a diverse practice primarily focused on bankruptcy, tax and related litigation matters.

Prior to starting his own firm, Mr. Mitchell served as a Partner and General Counsel with Tax Automation, L.P., a national tax consulting firm. Mr. Mitchell was previously the National Director of Tax Technology at Ryan & Company, a national tax consulting practice, as well as a Senior Manager with KPMG, a “Big Four” accounting firm.

Mr. Mitchell is licensed to practice law in the State of Texas. He is an active member of the Texas Bar Association, currently serving as a member of the Bankruptcy Section of the State Bar. Mr. Mitchell is admitted to practice in all federal courts in the State of Texas, as well as the Fifth Circuit Court of Appeals.