When filing for bankruptcy, there are a few things you need to keep in mind. First and foremost, you have to be completely honest when filling out the forms. Lying or omitting information could result in up to 20 years in prison or a $250,000 fine. One of the most detailed forms you will fill out is the Schedule A/B form, which details every piece of property that you own. This includes real estate, tax income and even jewelry. If you are filing for Chapter 7 or 13 bankruptcy, this is what you need to know about filling out the Schedule A/B form.
Start With Real Estate
The first section of the Schedule A/B form will ask you to list all of the real estate, referred to as “real property”, that you own. This will include any land, buildings and timeshares that you have. If you check “yes” when asked if you own any property, the next part of the form will ask you to describe the property in question:
- Where it is
- Anyone that has an interest in it
- What the property is
- Any foreclosures or serious repairs
- The total market value of all properties
Once again, it is important to remember that any omissions or falsified information could result in a fine or jail time.
Other Personal Property
Once you have listed all of the real property you own, subsequent sections will ask you to list all other personal property. Specific sections include jewelry, business inventory and tax refunds. If any of these property classifications do not apply to you, simply check the “no” box and move on. At the end of the form, there will be a catch-all section that gives you space to list and describe any miscellaneous personal property and its value. Remember, you are listing every piece of property that you own.
Why Fill Out This Form?
The Schedule A/B form gives the court an accurate measure of how much property you own and its current value. This helps assess your situation as accurately as possible. Remember, just because you list something on the A/B form does not mean that it will be repossessed; other forms you will fill out give you the chance to list possessions that you will exempt.
Filing for bankruptcy is an arduous process. Contact a bankruptcy attorney, like bankruptcy lawyers in Arlington, TX from Brandy Austin Law Firm, PLLC, to ensure that your case is managed as fairly as possible.