Schedule A/B: Property (Official Form 106A/B) page 16
Schedule A/B: Property (Official Form 106A/B)
Schedule A/B: Property (Official Form 106A/B)
lists property interests that are involved in a
bankruptcy case. All individuals filing for
bankruptcy must list everything they own 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 property, 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 idea of what to include in the
categories. They are not intended to be
complete lists of everything within that
category. Make sure you list everything you
own or have an interest in.
You must verify under penalty of perjury that
the information you provide is complete and
accurate. Making a false statement, concealing
property, or obtaining money or property by
fraud in connection with a bankruptcy case can
result in fines up to $250,000, or imprisonment
for up to 20 years, or both. 18 U.S.C. §§ 152,
1341, 1519, and 3571.
Understand the terms used in this form
Community property — Type of property
ownership available in certain states for
property owned by spouses and, in some
instances, legal equivalents of spouses.
Community property states and territories
include Arizona, California, Idaho, Louisiana,
Nevada, New Mexico, Puerto Rico, Texas,
Washington, and Wisconsin.
Current value — In this form, report the current
value of the property that you own in each
category. Current value is sometimes called fair
market value and, for this form, is the fair
market value as of the date of the filing of the
petition. Current value is how much the
property is worth, which may be more or less
than when you purchased the property. Property
you own includes property you have purchased,
even if you owe money on it, such as a home
with a mortgage or an automobile with a lien.
Report the current value of the portion
you own
For each question, report the current value of
the portion of the property that you own. To do
this, you would usually determine the current
value of the entire property and the percentage
of the property that you own. Multiply the
current value of the property by the percentage
that you own. Report the result where the form
asks for Current value of the portion you own.
For example:
If you own a house by yourself, you own
100% of that house. Report the entire
current value of the house.
If you 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, current value may be
difficult to figure out. When you cannot find the
value from a reputable source (such as a pricing
guide for your car), estimate the value and be
prepared to explain how you determined it.