Completing Bankruptcy's Schedule A/B: Your Property

On Schedule A/B of the bankruptcy forms, you list all of your property.

When you file for Chapter 7 or Chapter 13 bankruptcy, you’ll have to complete and file Schedule A/B: Property. On this form, you list all of the property you own on the date you file for bankruptcy.

(To learn about the other forms you must file, see Completing the Bankruptcy Forms.)

How to Get Schedule A/B?

You can find the most recent version of Schedule A/B on the U.S. Court’s website atwww.uscourts.gov/forms/bankruptcy-forms. To learn more about getting the official and other forms, see The Bankruptcy Forms: Getting Started.

What Type of Property Must be Reported?

All of it. The bankruptcy court wants a complete picture of your financial situation, including the value of everything you own. You satisfy this requirement by listing your property on this schedule under the following broad categories:

  • Residence, Building, Land, or Other Real Estate You Own or Have an Interest In
  • Vehicles
  • Personal and Household Items
  • Financial Assets
  • Business-Related Property You Own or Have an Interest In
  • Farm and Commercial Fishing-Related Property You Own or Have an Interest In
  • Any Other Property

Within these categories are questions about 45 different types of property, so forgetting to list property should not be an issue – which, of course, is what the court is trying to prevent. When in doubt, list it.

Residence, Building, Land, or Other Real Estate

This type of property is often called real property—land and things permanently attached to land—and it includes more than just a house. For example, it includes unimproved land, vacation cabins, condominiums, duplexes, rental property, business property, mobile home park spaces, agricultural land, airplane hangars, and any other buildings permanently attached to land.

In this section, you’ll include the following information:

  • the address of the property
  • the names of everyone who has an ownership interest in the property
  • the full value of the property (without subtracting mortgages)
  • how you hold title, if you know, and
  • any other information about the property that you’d like the court to know about.

Vehicles

Almost everyone has a car or two. Here, the “vehicles” category includes more than just the car you drive to work. Basically, if you own something that has a motor and can transport you somewhere -- whether it be by road, water, or air -- you list it here. This includes cars, vans, trucks, tractors, sport utility vehicles, motorcycles, watercraft – such as boats and jet skis – aircraft, motor homes, snowmobiles, ATV’s, and recreational vehicles. It also includes all accessories you use along with these vehicles, such as trailers and motorcycle sidecars.

In this section, you’ll include the following information:

  • make, model, year, and mileage
  • a description of the property
  • a list of everyone who has an ownership interest in the property
  • the full value of the property, and
  • the value of the portion you own.

Personal and Household Items

These are the items you use in your home every day. Again, the court wants to know about all of them. Below are examples of typical household goods and furnishings organized by the rooms in your home.

Living Room. Couches, armchairs, coffee tables, end tables, entertainment centers, televisions, lamps, telephones, video equipment, and stereo equipment.

Bedroom. Twin, double, queen and king beds, cribs, dressers, nightstands, lamps, bedding, and linens.

Kitchen/Dining Room. Tables, chairs, bar stools, refrigerator, dishes, microwave, freezer, tableware, pots and pans, small appliances, and food.

Laundry/Patio/Garage. Washer and dryer, vacuum, tools, lawnmower, patio furniture, and spa.

Additionally, you’re asked to disclose information about the electronics, sports and hobby equipment, firearms, clothes, jewelry, pets, and other items you own.

Financial Assets

In this section, you’ll list all of you financial assets, including the asset’s value and location. Here are the categories set forth in the form:

  • cash
  • deposits of money (your bank accounts)
  • bonds, mutual funds, and publicly traded stocks
  • government or corporate bonds and other negotiable and non-negotiable instruments
  • retirement and pension accounts
  • security deposits and prepayments
  • annuities
  • interests in an education IRA, qualified ABLE program, or qualified state tuition program
  • trusts and equitable or future interests in property
  • patents, copyrights, trademarks, trade secrets, and other intellectual property
  • licenses, franchises, and other intangibles
  • tax refunds owed to you
  • family support
  • interests in insurance policies
  • interest in property from someone who has died
  • claims against third parties (such as if you have a lawsuit against someone), and
  • any other claims for money you may have against anyone.

Business-Related Property

If you own a business, the court wants to know about the business property. If your business is service-oriented, such as an accounting practice, you might only have office equipment and accounts receivable to disclose. A plumber, however, might also have plumbing tools and trucks. If you sell products in a storefront, such as a pet store, you’ll also list all of your inventory. It is more likely that you’ll list business property if you are a sole proprietor or a part of a partnership since you retain personal interest in the property, as opposed to owning shares of a corporation. In that case, the corporation retains the ownership interest in its property and you don't list it on this schedule.

Farm and Commercial Fishing-Related Property

If you own a farm or a commercial fishing operation, you’ll list all business-related property in this special section.

Other Property

If your property doesn’t fall into one of the above categories, you’ll list it towards the end of the form.

Totaling the Value of Your Real Property

At the bottom of Schedule A/B, provide the total value of all of your property.

To learn about the other forms you must file, see Completing the Bankruptcy Forms.

This article provides general information only. There are many legal issues involved and important decisions to be made when filing for bankruptcy. You must understand the entire bankruptcy process, learn about the applicable federal and state laws, and determine how those laws will affect your particular situation before you complete the bankruptcy forms. If you want to file bankruptcy without a lawyer, use a good do-it-yourself book like Nolo's How to File for Chapter 7 Bankruptcy to ensure you make well informed decisions about your bankruptcy case.

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