- Instructor: Attorney Bob Schaller
- Lectures: 14
Schedule A/B: Property
Every Chapter 7 debtor must file a schedule of assets that identifies both real property and personal property. 11 U.S.C. § 521(a)(1)(B)(i); Bankruptcy Rule 1007(b)(1)(A). Real property consists of land and anything permanently affixed to the land, homes, buildings, air rights above the land, and underground rights below the land. Personal property consists of tangible, intangible, and financial assets. Tangible assets include cars, trucks, computers, jewelry, clothing, etc. – including assets held by third parties on the debtor’s behalf. Intangible assets are not physical in nature; they include patents, trademarks, copyrights, goodwill, brand recognition, etc. Financial assets include cash, savings accounts, checking accounts, 401(k) accounts, stocks, bonds, etc.
Like the petition, the Bankruptcy Rules require a debtor to use a specific national form prescribed by the Judicial Conference of the United States when listing the debtor’s real property and personal property. Bankruptcy Rule 9009(a). These rules are strictly enforced. The schedule’s form may not be changed as to affect wording or the order of presenting information. Id.
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