form modernization overview official form 106a/b · form modernization overview official form...

Form Modernization Overview Official Form 106A/B

NEW –A line has been

added to convey the

nature of debtor’s

interest in property

NEW - A line has been

added to convey other

information about the

property

Checkboxes have been

added to convey

ownership of interest in

property

NEW – Checkboxes have

been added to convey the

type of property owned

NEW – Checkbox added to Part 1 to indicate you have

interest in a residence, building, land, or similar

property

REVISED – Official Form 106A/B: Property replaces

Official Form 6A, Real Property and Official Form

6b, Personal Property in cases of individual debtors

NEW – Amended filing

checkbox

NEW - Modernized Form

Caption

Overview: Official Form 106A/B, Schedule A/B: Property replaces Official Form 6A, Real Property and Official Form 6b, Personal Property in cases of individual debtors. New Form Elements: Part 1, Describe Each Residence, Building, Land, or Other Real Estate You Own or Have an Interest In, incorporates several new components to the form such as checkboxes for property description and ownership. Additionally text lines have been added for the nature of ownership and any additional information that might need to be conveyed about the property.

© 2015 CINgroup. All Rights Reserved | CINgroup.com


Overview: Official Form 106A/B, Schedule A/B: Property replaces Official Form 6A, Real Property and Official Form 6b, Personal Property in cases of individual debtors.

New Form Elements: Line 3, Part 2, Describe Your Vehicles, was formerly line 25 of Schedule B. The newly revised section adds in specific lines to enter the make, model, year and approximate mileage of the debtor’s vehicles. Additionally a section has been added to enter other information about the debtor’s vehicle, and a series of checkboxes to indicate who has an interest in the property. The form now requests the total value of property, the former Schedule B only asks for the value of debtor’s interest in the listed property.

NEW – Checkbox has

been added to indicate

if you have ownership

of any vehicle

NEW – A section has

been added to enter

other information

about the debtor’s

vehicle

NEW – A new section

has been added to

indicate Make / Model

/ Year / Mileage

NEW - Checkboxes

have been added to

convey ownership of

interest in the vehicle



Overview: Official Form 106 A/B, Schedule A/B: Property replaces Official Form 6A, Real Property and Official Form 6b, Personal Property in cases of individual debtors. New Form Elements: Line 4, Part 2, Watercraft, aircraft, motor homes, ATVs and other recreational vehicles and accessories, was formerly a combination of lines 25, 26, and 27 of Schedule B. The newly-revised section adds specific lines to enter in the make, model, and year of the debtor’s watercraft, aircraft, motor home, ATV, or other recreational vehicles. Additionally, a section has been added to enter other information about the debtor’s vehicle, and a series of checkboxes to indicate who has an interest in the property.

NEW – Checkbox has

been added to indicate if

you have ownership of a

vehicle that would be

applicable for this

section

NEW - A new section has

been added to indicate

Make/Model/Year

NEW – A line has been

added to total all the

entries in Part 2

NEW - A section has

been added to enter

other information about

the debtor’s vehicle

NEW - Checkboxes have

been added to convey

ownership interest in the

vehicle



Overview: Official Form 106A/B, Schedule A/B: Property replaces Official Form 6A, Real Property and Official Form 6b, Personal Property in cases of individual debtors. New Form Elements: Part 3, Describe Your Personal and household Items, replaces a combination of lines from replaced Schedule B. The newly-revised section eliminates the need to enter ownership, but adds checkboxes to indicate if the debtor has items that are applicable to the section and a line to total all entries for Part 3.

Line 6 was formerly line

4 of Schedule B

Line 7 is a new section; parts are pulled from

former line 4 of Schedule B


5 of Schedule B

Line 9 was formerly line 8 of Schedule B


8 of Schedule B



Line 13 is a new asset

category


NEW – A line has been

added to total all the

entries in Part 3



Overview: Official Form 106 A/B, Schedule A/B: Property replaces Official Form 6A, Real Property and Official Form 6b, Personal Property in cases of individual debtors. New Form Elements: Part 4, Describe Your Financial Assets, is designed to allow the debtor to list information pertaining to specific financial accounts on designated line numbers. Two new categories of financial assets are added: “Bonds, mutual funds, or publicly traded stocks” and “Claims against third parties, whether or not you have filed a lawsuit or made a demand for payment.” In addition, qualified ABLE accounts, as defined in 26 U.S.C. § 529A(b), are added to the list of accounts on line 24. This change is made in response to the Tax Increase Prevention Act of 2014, Pub. Law No. 113-295, which excludes ABLE account contributions meeting the specified requirements from property of the estate.


Lines 17.1-17.9 added to enter specific financial

account details


13 of Schedule B. It also

incorporates new

categories of bonds and

mutual funds.





Overview: Official Form 106A/B, Schedule A/B: Property replaces Official Form 6A, Real Property and Official Form 6b, Personal Property in cases of individual debtors. New Form Elements: Part 4, Describe Your Financial Assets, is designed to allow the debtor to list information pertaining to specific financial accounts on designated line numbers. Two new categories of financial assets are added: “Bonds, mutual funds, or publicly traded stocks” and “Claims against third parties, whether or not you have filed a lawsuit or made a demand for payment.” In addition, qualified ABLE accounts, as defined in 26 U.S.C. § 529A(b), are added to the list of accounts in question 24. This change is made in response to the Tax Increase Prevention Act of 2014, Pub. Law No. 113-295, which excludes ABLE account contributions meeting the specified requirements from property of the estate.


Line 21 has added sub-sections to enter specific account details regarding

retirement or pension accounts



15 of Schedule B

Line 21 has added sub-sections to enter security

deposits and prepayment details.










Qualified ABLE accounts, as

defined in 26 U.S.C. § 529A(b),

are added to the list of

accounts in line 24

Line 29 is largely a new section, but there are certain components of

former line 17 of Schedule B

Line 30 is largely a new section, but there are certain components

from former line 18 of Schedule B





Line 31 adds a new section to list the

beneficiary and cash surrender value


20 of Schedule B


21 of Schedule B


Line 35 was formerly included in line 35 of

Schedule B

A line has been added to

total all the entries in

Part 4



Overview: Official Form 106A/B, Schedule A/B: Property replaces Official Form 6A, Real Property and Official Form 6b, Personal Property in cases of individual debtors. New Form Elements: Part 5, Describe Any Business-Related Property You Own or Have an Interest In, provides prompts for listing business-related property, such as accounts receivable, inventory, and machinery, and includes a direction to list business-related real estate in Part 1, to avoid listing real property twice.





30 of Schedule B




Business-related

property is totaled on

line 45



Overview: Official Form 106A/B, Schedule A/B: Property replaces Official Form 6A, Real Property and Official Form 6b, Personal Property in cases of individual debtors. New Form Elements: Part 6, Describe Any Farm and Commercial Fishing-Related Property You Own or Have an Interest In, provides prompts for listing farm- or commercial fishing-related property, such as farm animals, crops, and feed. It also includes a direction to list any farm- or commercial fishing-related real property in Part 1.


31 of Schedule B



33 of Schedule B


34 of Schedule B


Assets listed in Part 6 are

totaled on line 52.



Overview: Official Form 106A/B, Schedule A/B: Property replaces Official Form 6A, Real Property and Official Form 6b, Personal Property in cases of individual debtors. New Form Elements: Part 7, Describe All Property You Own or Have an interest in That You Did Not List Above, is a catch-all provision that allows the debtor to report property that is difficult to categorize. Part 8, List the Totals of Each Part of this Form, tabulates the total value of the debtor’s interest in the listed property. The tabulation includes two subtotals, one for real estate, which corresponds to the real property total that was reported on former Official Form 6A. The second subtotal is of Parts 2-7, which corresponds to the personal property total that was reported on former Official Form 6B.

Part 7 is a catch-all

provision that allows the

debtor to report

property that does not

fit into the other listed

categories. It

corresponds to line 35 of

former Schedule B.

This tabulation section

includes two subtotals:

one for real estate,

which corresponds to

the real property total

that was reported on

former Official Form 6A,

and a second for

personal property, which

corresponds to the

personal property total

that was reported on

former Official Form 6B.


form modernization overview official form 106a/b · form modernization overview official form...

Documents