Property Forms: Schedules A and B

You may think filing bankruptcy on your own will be an easy, affordable choice, and while it’s possible and legal, it may not be the wisest move. There are many important decisions you’ll need to make during your bankruptcy, along with many forms to complete, and making a mistake could be costly, with long-term consequences. When we work together, you can be confident that I’ll share my experienced advice with you and ensure that all of your forms are completed correctly and submitted as required. I’ll also guide you so that we can discharge your debt while protecting as much of your property as possible.

An Accurate Picture

The court trustee will need to have an overview of your financial and personal circumstances in order to evaluate your case property. This includes information about your income, debt, property, and assets. We’ll use Schedules A and B to provide the necessary details related to your property, such as:

  • Financial assets, including bank and retirement accounts
  • Buildings, residences, real estate, and land
  • Any property you use for your business or farm, including land and  buildings
  • Vehicles
  • Household and personal items
  • Any other property not on the list (We can discuss possible items.)

More Details

These forms will include specific details about all of your property and assets. For real property, such as land, homes, and other buildings, we’ll need to include the address, type of property, full value, and all of the owners. Vehicles include trucks, cars, motorcycles, RVs, watercraft, and more, and we’ll need to list all of the owners and value of the property, as well as the make/model/year/mileage of the vehicle. Assets also include financial accounts of investments, checking/savings accounts, and mutual funds.

When it comes time to determine the value of your personal property, I’ll give you a list which will help you to go through your home room by room to make sure everything is included. We’ll include everything you own, including clothing, jewelry, electronics, furniture, musical instruments, and other household items. When we list the value, we’ll use garage sale or resale value, not the amount it would take to replace the item with a new one. The court allows many exemptions to protect your property and give you the best shot at making a new start with your estate intact.

If you’re a business owner such as an independent contractor, sole proprietor, or business partner, the court will need to know about your business-related property. These are the things that are necessary for you to do your work, such as tools, inventory, equipment, real estate, and business bank accounts. Schedules A and B do not include information about any corporations you may be a part of; this will be listed on another form.

The final step after listing and valuing all your property is to add up the total for review by the court.

Let’s Team Up

Don’t risk filing bankruptcy without the help of a professional; instead, let me handle the stress for you. I’ll make sure you know what your responsibilities are so that you can put your debt behind you and move forward with your finances.

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